The President of the Dangote Group, Aliko Dangote, has praised Nigerian President Bola Ahmed Tinubu for introducing the naira-for-crude arrangement, describing it as a patriotic partnership.
Speaking with State House correspondents on Friday after an audience with President Tinubu at the Presidential Villa, Abuja, Dangote acknowledged persistent hurdles in accessing locally sourced crude, adding that Nigerian crude is sold at a premium.
Dangote also reaffirmed his support for the “Nigeria First” policy, asserting that the country’s dependence on imported goods undermines national prosperity.
He drew attention to severe logistical constraints confronting Nigeria’s solid minerals exporters, noting that the country’s major ports are operating far beyond capacity.
“Apapa is full. Tincan Island is full. Lekki handles only containers. There is nowhere to move coal or copper,” he said.
He explained that the challenge is the major reason the Group was developing the Olokola Deep Sea Port, describing it as “the biggest and largest port,” which is expected to be completed and operational within the next two and a half years.
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Dangote further declared that Nigeria has finally overcome decades-long fuel scarcity, insisting that the era of nationwide queues “is history,” as the Dangote Refinery can now fully supply the country’s petrol needs.
He added that Nigeria had experienced fuel queues since 1972 but noted, “We have actually removed those queues. It’s not about actually relying on imports. For the first time, we’re actually suppliers to Europe and US.”
He revealed that the refinery has formally notified the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of its capacity to keep the domestic market fully supplied.
Dangote added that neighbouring African countries would also benefit from the refinery’s output.
“Even our neighbouring countries, they won’t have queues at all, because they can buy from us… By February, we’ll be able to supply about 15 to 20 million litres more than the consumption of Nigeria. So we still have to export.”
He said local industries, including plastic manufacturers that previously spent “$350 to $400 million to import,” would now be fully serviced domestically.
Dangote also announced an expansion that will take the refinery beyond the current global leader, Reliance of India.
“By 2028 we are going to take this refinery to the largest refinery in the world. Reliance is 1.25 million barrels per day, we will be at 1.4 million barrels per day. We have already launched that and it will be delivered on time.”
On his visit to the State House, Dangote described the meeting as routine and informal.
“It went very well, just normal greeting, normal catch up. Once in a while, I sit down with His Excellency. We discuss about economy, the environment and all. It was very nice, fruitful meeting,” he added.