Aliko Dangote, Africa’s wealthiest individual, has announced that the fuel produced by his $19 billion refinery complex will soon be available not only in Nigeria but also globally. He revealed this information during an interview with Bloomberg in Riyadh at the Saudi-Nigeria business roundtable.
Dangote attributed the delay in the refinery’s production to the decision to commence refining using locally produced crude oil in Nigeria instead of importing raw crude. The refinery has obtained a license to refine 300,000 barrels of crude oil daily. According to Dangote, “We don’t want to start our refinery with foreign goods; we want to start with Nigerian crude… We’re more than ready, and you will see our gasoline products soon.”
Emphasizing Nigeria as the primary market, Dangote stated that the refinery’s initial focus is to supply gasoline to Nigeria before expanding exports to neighboring West African countries and the global market. He expressed confidence that the refinery would play a crucial role in meeting Nigeria’s fuel demands.
The $19 billion Dangote refinery, with a daily production capacity of 650,000 barrels, was commissioned shortly before the exit of former President Buhari from office. Despite missing initial deadlines for production in late July or early August, Dangote remains optimistic about the facility’s contribution to the energy sector.
Dangote disclosed that the crude for the refinery would be sourced from various producers in Nigeria, including the NNPCL. Notably, despite Nigeria being a significant crude oil producer in Africa, it has traditionally relied on imports to meet its refined petrol demand. President Tinubu ended the subsidy program in May, which had cost the country around $10 billion in 2022, aiming to address this challenge.