Chairman of Aliko Dangote Group, Aliko Dangote says his refinery has enough fuel to satisfy local consumption.
He urged the Nigerian National Petroleum Company Limited (NNPCL) and other petroleum marketers to stop importation of Petroleum Motor Spirit.
Dangote also disclosed that the Nigerian President, Bola Tinubu is also committed to liberalised market of the industry.
Dangote made this known on Tuesday while speaking to State House Correspondents, after a meeting with President Bola Ahmed Tinubu and other members of the Crude oil and Refine Products sales in local currency implementation committee.
The Chairman of Aliko Dangote Group said currently over 500million litres of refined crude is in its stock awaiting evacuation by buyers.
He added that this will sustain the country for 12days even without importation of the product.
Speaking on why petrol scarcity has persisted despite his half a billion refined stock, Dangote said retail outfits of the Nigerian National Petroleum Company limited, NNPCL and other retailers in the country were expected to load the PMS products from Dangote Refinery following the President’s declaration of support for domestic refineries thereby empowering functionality of domestic industries.
“on the streets, one thing that you have to understand that we are producers. I have a refinery. I’m not in the business of retail. If I’m in the business of retail then you hold me responsible. But what I’m saying that the retailers should please come forward and pick, if they don’t, come forward and pick, what do you want me to do? That’s something that I can do.
“So I expect either NNPC or the marketers to stop importing, they should come and pick because we have what they need. And you know, as they removed, I will be pumping. I don’t know whether you understand what it takes to keep have a billion liters inside our tank. It’s costing me money every day. If I will be able to collect the naira, I can actually charge somebody 32% in interest. So right now, that’s what I’m losing. And you are talking about 500 million, you know, I mean, we don’t print money. But the issue is that if they come and collect then you will not see any queues in the filling stations.
“We have what it takes for them to come and collect. We are not retailers. We also don’t have trucks to send. We have a factory, we have where they can load.
Dangote decried the continued importation of the product saying his refinery is capable of supplying the Nigerian market 30million .
“And you know, I’m also putting my own name online by giving Mr President my word that, yes, we will be able to supply the market minimum 30 million per day, and we’ll be ramping up. So we’re ready. We’re more than ready.” Dangote added.
He assured that with enough supply of crude, his refinery has the capacity to produce more than 30million litres per day.
Committee meeting
The President of the Dangote Group further disclosed that the meeting was successful with with assurance of enough Naira to crude to satisfy the market and strengthen the initiative.
“I think we’ve had a very, very good meeting where now, yes, we will use a market determined exchange rate and also the crude price. With that, Mr. President Also directed that, yes, NNPC will buy. Marketers will also buy. They will be buying just like any other, that is NNPC retail at the end of the day, we have also Afreximbank , which I think they are now going to be the in- go in between.”
Earlier, Minister of Finance Wale Edun shared insights from the productive meeting with President Tinubu regarding the implementation of a groundbreaking initiative to sell crude oil to local refiners in Naira.
He said the initiative received full endorsement from the Federal Executive Council, aims to stabilize the petroleum market and enhance local production capabilities.
“We had a session with His Excellency Mr. President to review the implementation of this bold initiative,” Edun stated.
“It allows local refiners to purchase crude oil and sell their products in Naira to the Nigerian public.” he added.
He applauded the Dangote Group’s substantial investment in a refinery with a capacity of 650,000 barrels per day as a key enabler of this initiative.
Edun emphasised that the implementation committee has been diligently working with various stakeholders, including regulatory bodies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian National Petroleum Corporation (NNPC), to ensure the initiative’s success.
“What we have achieved is the establishment of market pricing for petroleum products,” he explained. “This, coupled with market pricing for foreign exchange, sets our economy on a path toward industrialization.”
The finance minister highlighted the broader economic implications of this initiative, stating that it would provide essential raw materials not only for agriculture but also for industries such as chemicals, textiles, and building materials.
“This is part of Mr. President’s strategy to create favorable conditions for private sector investment, job creation, and economic growth,” he noted.
Olusola Akintonde
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