Chairman of Dangote Group, Aliko Dangote, on Friday said Nigerians will no longer experience fuel queues during the Christmas and New Year seasons.\n<\/p>\n
Briefing State House correspondents after meeting with President Bola Tinubu at the Aso Rock Villa, Abuja, Dangote said his refinery has formally notified the Nigerian Midstream and Downstream Petroleum Regulatory Authority of its readiness to deliver 50 million litres of Premium Motor Spirit daily, far above national consumption.\n<\/p>\n
He said, \u201cHistorically, Nigeria has battled fuel queues since 1972. For the first time, we are eliminating those queues, not through imports but by producing locally.\n<\/p>\n
\u201cEven when we were servicing the refinery, there were no queues. I can assure you that queues are now history.\u201d<\/p>\n
Dangote stated that the refinery will soon produce surplus volumes, adding that by February, it will supply 15\u201320 million litres more than Nigeria needs.\n<\/p>\n
This, he argued, will allow exports to neighbouring countries, reducing the incidence of fuel scarcity across West Africa.\n<\/p>\n
The industrialist also disclosed that domestic manufacturers, especially in the plastics industry, will now enjoy reliable access to locally produced feedstock, ending years of reliance on imports estimated at $400m annually.<\/p>\n
Dangote also announced an expansion programme that will raise refinery capacity to 1.4 million barrels per day by 2028, surpassing India\u2019s Reliance refinery, the world\u2019s largest, at 1.25 million barrels per day.\n<\/p>\n
\u201cWe have already signed the necessary agreements.\n<\/p>\n
\u201cConstruction piling begins before the end of January, and we will deliver on schedule,\u201d he announced.\n<\/p>\n
He revealed plans to scale up the company\u2019s urea production to 12 million tonnes annually, positioning Nigeria to overtake Russia and Qatar as the world\u2019s leading producer.\n<\/p>\n
\u201cOur goal is to use our fertilizer company to supply the entire African continent,\u201d Dangote said.\n<\/p>\n
Dangote attributed the recent drop in petrol and diesel prices to increased competition and reduced smuggling.\n<\/p>\n
\u201cPrices are going down because we must compete with imports.<\/p>\n
\u201cLuckily, smuggling has dropped significantly, though not completely,\u201d he explained.\n<\/p>\n
He noted that the refinery business is a long-term national investment, saying, \u201cWe\u2019re not here to recover $20 billion overnight. <\/p>\n
\u201cThe legacy I want to leave is that whatever Nigerians need, fuel, fertiliser, power, we will be part of delivering it.\u201d\n<\/p>\n
Dangote further highlighted logistics constraints affecting Nigeria\u2019s solid minerals sector, particularly the congestion of major ports.\n<\/p>\n
\u201cApapa is full. Tin Can is full. Lekki is mainly for containers.\n<\/p>\n
\u201cYou cannot export coal or copper if you have nowhere to ship from,\u201d he noted.\n<\/p>\n
To curb this, he explained that the Group is developing what would become West Africa\u2019s largest deep-sea port at Olokola, expected to be completed in two to two-and-a-half years.<\/p>\n
The Kano-born businessman expressed support for the Tinubu administration\u2019s naira-for-crude initiative, describing it as a patriotic move to strengthen the economy, although he acknowledged pushback from international oil companies.\n<\/p>\n
According to him, \u201cIt\u2019s a teething problem, but it will be resolved, either through legislation or administrative action.\u201d\n<\/p>\n
On concerns about global competition, Dangote maintained that the refinery will thrive.\n<\/p>\n
He said, \u201cWhat we want is to make Nigeria the refining hub of Africa. All African countries import fuel. We want what we consume to be produced here.\u201d\n<\/p>\n
He also endorsed the government\u2019s Nigeria-first industrial policy and urged wealthy Nigerians to channel resources into productive investment rather than luxury spending.\n<\/p>\n
\u201cIf you have money for a private jet, invest in industries and create jobs,\u201d he stated, adding that domestic investors must drive industrialisation to attract foreign capital.\n<\/p>\n
Dangote acknowledged past hurdles, policy instability, smuggling, and factory closures, but expressed optimism that the country is now on a stable path toward sustainable industrial growth.<\/p>\n
\u201cDomestic investors must lead the way. Once they do, foreign investors will follow.\n<\/p>\n
\u201cNobody advertises a good restaurant; when the food is good, word spreads,\u201d he explained.\n<\/p>\n
He described his meeting with President Tinubu as a routine consultation on the economy and business environment, noting that it was \u201ca very fruitful meeting.\u201d\n <\/p>\n","protected":false},"excerpt":{"rendered":"Chairman of Dangote Group, Aliko Dangote, on Friday said Nigerians will no longer experience fuel queues during the…\n","protected":false},"author":2,"featured_media":170418,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[114,184,85,46],"class_list":["post-170417","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-il","tag-israel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/170417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=170417"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/170417\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/170418"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=170417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=170417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=170417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}