Yuletide: Dangote Assures Nigerians of Stable Fuel Supply

Chairman of the Dangote Group, Aliko Dangote, has assured Nigerians that the era of fuel queues during the Christmas and New Year holidays is over.

Speaking to State House correspondents on Friday after meeting President Bola Tinubu at the Presidential Villa, Abuja, Dangote announced that his refinery has formally notified the Nigerian Midstream and Downstream Petroleum Regulatory Authority of its readiness to supply 50 million litres of Premium Motor Spirit (PMS) daily well above the country’s current consumption.

“Since 1972, Nigeria has struggled with fuel queues. For the first time, we are ending them through local production, not imports,” he said. “Even while maintaining the refinery, there were no queues. I can assure Nigerians that fuel queues are now history.”

Dangote added that the refinery will soon be producing surplus volumes, noting that by February it will supply 15–20 million litres more than national demand, enabling Nigeria to export fuel to neighbouring countries and reduce regional shortages.

Industrial Growth and Refinery Expansion

The industrialist also announced that local manufacturers, particularly those in the plastics sector, will now benefit from stable access to domestically produced feedstock, eliminating reliance on imports valued at about $400 million annually.

He revealed plans to expand the refinery’s capacity to 1.4 million barrels per day by 2028, surpassing India’s Reliance refinery the world’s largest at 1.25 million barrels per day.

“We’ve signed all necessary agreements. Construction piling starts before the end of January, and we will deliver on schedule,” he said.

Dangote further disclosed plans to scale urea production to 12 million tonnes per year, positioning Nigeria to overtake Russia and Qatar as the world’s biggest producer. “Our aim is to supply the entire African continent,” he stated.

Fuel Prices, Smuggling, and Economic Policy

He attributed the recent drop in petrol and diesel prices to increased competition and reduced smuggling.

“Prices are falling because we must compete with imports. Smuggling has gone down significantly, though not completely,” he said.

Describing the refinery as a long-term national investment, Dangote noted: “We’re not here to recover $20 billion overnight. The legacy I want to leave is ensuring that Nigerians have what they need fuel, fertiliser, power.”

Logistics, Ports, and New Deep-Sea Port Project

Dangote also highlighted logistics challenges affecting Nigeria’s solid minerals industry, stressing that the country’s main ports are overstretched.

“Apapa is full, Tin Can is full, and Lekki mainly handles containers. You can’t export coal or copper if there’s nowhere to ship from,” he said.

To address this, he announced that the Group is developing what will become West Africa’s largest deep-sea port at Olokola, expected to be completed in two to two-and-a-half years.

Backing Naira-for-Crude Policy and Call for Local Investment

The business mogul expressed support for President Tinubu’s naira-for-crude policy, describing it as a patriotic effort to strengthen the currency, despite resistance from international oil companies.

“It’s a teething problem, but it will be resolved, either through legislation or administrative action,” Dangote said.

He dismissed fears about global competition, emphasizing that the refinery will succeed: “Our goal is to make Nigeria the refining hub of Africa. All African countries import fuel. We want what we consume to be produced here.”

Dangote also endorsed the Nigeria-first industrial policy and urged wealthy Nigerians to invest in productive sectors rather than luxury assets.

“If you have money for a private jet, invest in industries and create jobs,” he said, adding that domestic investors must lead the way for foreign investment to follow. “Nobody advertises a good restaurant when the food is good, word spreads.”

He described his meeting with President Tinubu as a routine economic consultation, calling it “very fruitful.”