- Dangote also raised concern over smuggling, which remains profitable due to high price gaps with neighbouring countries
- Dangote also highlighted plans to expand the refinery to a capacity of 1.4 million barrels per day by 2028
- He stated that by February, Nigeria will be supplying an additional 15 to 20 million litres beyond local consumption
Nigeria’s fuel scarcity era has officially ended, billionaire industrialist Aliko Dangote declared on Friday after a briefing with President Bola Tinubu at the State House in Abuja, noting that the country is now positioned as a net supplier of refined petroleum products.
Eko Hot Blog reports that the business mogul explained that his refinery has formally notified the midstream regulatory authority that it can deliver 50 million litres daily, enough to eliminate queues nationwide and still export surplus volumes to Europe, the United States, and African neighbours.
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He stated that by February, Nigeria will be supplying an additional 15 to 20 million litres beyond local consumption, assuring that regional countries will purchase fuel legitimately rather than through smuggling.
Dangote also highlighted plans to expand the refinery to a capacity of 1.4 million barrels per day by 2028, overtaking India’s Reliance Industries as the world’s largest.
On fertiliser development, Dangote disclosed that his firm is targeting 12 million tonnes of urea annually, a volume that would surpass production levels in Qatar and Russia, positioning Nigeria as Africa’s agricultural powerhouse.
He further emphasised the importance of local industrialisation, condemning reliance on imports and stressing that sustained investment, responsible taxation, and supportive government policy are essential to protect jobs and stabilise the economy.
Dangote also raised concern over smuggling, which remains profitable due to high price gaps with neighbouring countries, though he assured that diesel and petrol prices will continue to adjust downward.
The meeting with the President, he added, was a productive review of ongoing industrial and infrastructural projects, including the proposed Olokola deep-sea port.
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