President of the Dangote Group, Alhaji Aliko Dangote, on Friday stated that the period of fuel scarcity in Nigeria “is gone forever,” giving renewed confidence that petrol availability will stay steady throughout Christmas and afterwards.
Addressing reporters after a meeting with President Bola Tinubu at the State House in Abuja, Dangote explained that the firm has already informed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) that it can deliver 50 million litres of Premium Motor Spirit (PMS) daily, surpassing national demand.
“Historically, Nigeria has battled fuel queues since 1972. For the first time, we are eliminating those queues, not through imports but by producing locally,” he said.
“Even when we were servicing the refinery, there were no queues. I can assure you that queues are now history.” Dangote noted that nearby countries will also gain from the output, adding that by February, the refinery will produce 15 to 20 million litres above what Nigeria requires.
“So, we must export. Even our neighbours won’t experience queues because they can buy from us,” he said. He added that domestic manufacturers, especially in plastics who once spent up to $400 million yearly on foreign purchases, will now obtain all their feedstock locally.
On long-term refinery objectives, Dangote revealed a major expansion strategy to boost capacity to 1.4 million barrels per day by 2028, surpassing India’s Reliance refinery, which is presently the largest globally at 1.25 million barrels per day.
“We have already signed the necessary agreements. Construction piling begins before the end of January, and we will deliver on schedule,” he assured. He further mentioned plans to increase urea production to 12 million tonnes each year, positioning Nigeria as the world’s largest supplier ahead of Russia and Qatar.
“Our goal is to use our fertilizer company to supply the entire African continent,” he said. Responding to questions regarding the recent decline in petrol and diesel prices, Dangote linked it to stronger competition and reduced smuggling.
“Prices are going down because we must compete with imports. Luckily, smuggling has dropped significantly, though not completely,” he said. He emphasized that the refinery is not motivated by rapid gains.
“We’re not here to recover $20 billion overnight; this is a long-term investment. The legacy I want to leave is that whatever Nigerians need, fuel, fertilizer, power, we will be part of delivering it.” Dangote also pointed out existing structural difficulties in Nigeria’s solid minerals industry, especially inadequate port space.
“Apapa is full. Tin Can is full. Lekki is mainly for containers. You cannot export coal or copper if you have nowhere to ship from,” he noted.
To solve this, he said the Dangote Group is building what will become the biggest deep-sea port in West Africa at Olokola, scheduled for completion in two-and-a-half years.
Dangote voiced strong backing for the Tinubu administration’s naira-for-crude scheme, calling it a patriotic move intended to reinforce the national economy, while admitting early pushback from international oil firms that prefer offshore premiums.
“It’s a teething problem, but it will be resolved, either through legislation or administrative action,” he said.
