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HomeBusinessNigeria set to end fuel imports by June, says Aliko Dangote

Nigeria set to end fuel imports by June, says Aliko Dangote

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The Chairman of the Dangote Group, Aliko Dangote announced that Nigeria will cease importing premium motor spirit (PMS) also known as petrol by next month, thanks to the operational strategy of the Dangote Refinery.

Speaking at the Africa CEO Forum Annual Summit in Kigali, Dangote highlighted the refinery’s recent achievements and future capabilities.

The refinery, which has begun supplying diesel and aviation fuel within Nigeria, is poised to meet the diesel and petrol needs of West Africa and fulfill the aviation fuel requirements for the entire African continent.

“Right now, Nigeria has no cause to import anything apart from gasoline, and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like petrol—not one drop of a litre,” Dangote declared.

Dangote emphasized the refinery’s role in reducing Africa’s dependency on imports, stating, “We have enough petrol to give to at least the entire West Africa, and diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico.”

In addition to fuel, the refinery will produce polypropylene and polyethylene, meeting Africa’s entire demand for these materials.

The facility will also produce base oil for engine oil and linear alkyl benzene, a key ingredient in detergents, addressing Africa’s need for locally produced raw materials.

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Dangote projected that within three to four years, Africa would no longer need to import fertilizers. “We will make Africa self-sufficient in potash, phosphate, and urea; we are at three million metric tonnes, and in the next twenty months, we will be at six million metric tonnes of urea, which is the entire capacity of Egypt,” he noted.

Reflecting on his investment journey, Dangote shared, “We had this dream just about five years ago, and we said we wanted to move from five billion dollars in revenue to thirty billion dollars in revenue, and we made it happen. It is possible, and now we have finished our refinery.”

The Dangote Refinery, with a capacity of 650,000 barrels per day, is one of the largest in the world. “If you look at the whole continent, there are only two countries that don’t import petroleum products, which is a tragedy.

They are only Algeria and Libya. The rest are all importers. So, we need to change and make sure that we don’t just go and produce raw materials; we should also produce finished products and create jobs,” Dangote asserted.

Highlighting the broader economic impact, Dangote remarked, “When you export raw materials, somebody now keeps importing things into your continent and dumping goods. What you are importing is poverty and exporting jobs. So, we have to change that narrative.”

With the refinery already producing jet fuel and diesel, Dangote confirmed that gasoline production will commence next month, allowing Nigeria to leverage its crude oil resources and supply fuel to West, Central, and South Africa.

“We have 650,000 barrels per day, 1 million metric tonnes of polypropylene, and 590,000 metric tonnes of carbon black, which are the raw materials for ink, dyes, and more. We are expanding further, and the next phase will start early next year,” Dangote concluded.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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