Aliko Dangote, Chairman of the Dangote Group, announced that Nigeria will soon stop importing premium motor spirit (PMS), or petrol, due to the strategic initiatives of the Dangote Refinery.
Speaking at the Africa CEO Forum Annual Summit in Kigali, Dangote revealed that the refinery has already commenced the supply of diesel and aviation fuel within Nigeria.
Dangote confidently stated that the refinery has the capacity not only to meet the diesel and petrol needs of West Africa but also to supply aviation fuel to the entire African continent.
With Nigeria being a prominent importer of petroleum products, particularly PMS, Dangote’s announcement holds significant weight, offering hope for the country’s quest for energy self-sufficiency.
The prospect of the Dangote Refinery filling this crucial gap underscores the potential transformative impact of indigenous industrial ventures on Nigeria’s economic landscape.
“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 any more gasoline—not one drop,” Dangote said.
“We have enough gasoline to supply the entire West Africa, diesel for West and Central Africa, and aviation fuel for the entire continent, with some exports to Brazil and Mexico.”
Dangote further explained the refinery’s capabilities, stating, “Our polypropylene and polyethylene production will meet the entire demand of Africa.
We are also producing base oil for engine oil and linear alkylbenzene, a raw material for detergents. Africa will be self-sufficient in these products.”
He emphasized the importance of self-sufficiency in fertilizers, stating, “Give us three or four years, and Africa will not import any more fertilizer.
We will be self-sufficient in potash, phosphate, and urea, reaching six million metric tons of urea in the next twenty months.”
Reflecting on his investment vision for Africa, Dangote said, “Despite the US capital market boom, we invested in Africa.
Our goal was to increase revenue from five billion dollars to thirty billion dollars in five years, and we achieved it. Now, with our refinery, Africa will no longer import petroleum products, creating jobs and adding value locally.”
“We commissioned the refinery in February, and we are now producing jet fuel, diesel, and by next month, gasoline,” he continued.
“Our capacity of 650,000 barrels per day will supply not only Nigeria but also West, Central, and South Africa.”
Dangote highlighted the broader implications for Africa, stating, “Exporting raw materials and importing finished goods imports poverty and exports jobs. We must change this narrative.”
As Africa’s wealthiest individual, Dangote’s remarks highlight the ambition driving his conglomerate’s endeavors.
The Dangote Group’s ventures extend beyond Nigeria, positioning the Dangote Refinery as a regional powerhouse in the energy sector.
Dangote’s assurance of imminent self-sufficiency in petrol production reflects the refinery’s strides and underscores Africa’s economic resurgence towards increased industrialization and empowerment.
The Dangote Refinery exemplifies progress, leading Africa towards a future of self-reliance and prosperity.
