Nigeria Won’t Need to Import Fuel by June, Says Dangote

Aliko Dangote, the Chairman of the Dangote Group, emphasized that the Dangote Refinery’s plan will eliminate the need for Nigeria to import gasoline by next month.

He highlighted that the refinery is already supplying diesel and aviation fuel within Nigeria and has the capability to meet the diesel and petrol demands of West Africa, as well as the aviation fuel needs of the entire African continent.

Speaking at the Africa CEO Forum Annual Summit in Kigali, Dangote expressed his commitment to reducing Africa’s dependence on imports in the near future. He stated that the refinery has enough gasoline, diesel, and aviation fuel to cater to West Africa, Central Africa, and even export to Brazil and Mexico.

Additionally, Dangote mentioned the company’s efforts to produce raw materials for detergents and make Africa self-sufficient in fertilizer production. He projected that within three to four years, Africa will no longer need to import fertilizer.

Dangote reflected on his vision to invest in Africa and put an end to fuel importation on the continent, which has now materialized into one of the largest refineries globally.

Despite the allure of the US capital market and companies like Google and Microsoft, Dangote chose to invest all his money in Africa. Five years ago, he set a goal to increase revenue from $5 billion to $30 billion, and he successfully achieved it.

The completion of the refinery is a significant milestone, as it addresses the pressing need for petroleum products in Africa. With only Algeria and Libya being self-sufficient in this regard, Dangote emphasized the importance of Africa producing finished products instead of solely exporting raw materials.

He highlighted the detrimental effects of importing goods and the subsequent loss of jobs and increase in poverty.

The refinery, which began operations in February, is already producing jet fuel and diesel, with gasoline production set to commence next month. Its capacity exceeds Nigeria’s needs and will also cater to West Africa, Central Africa, and South Africa.

With a daily capacity of 650,000 barrels, as well as significant production of polypropylene and carbon black, Dangote plans to expand further in the future.