The President of Dangote Group, Aliko Dangote, has articulated that his refinery, possessing a capacity of 650,000 barrels per day, was established without any form of incentive from the Nigerian government.
Dangote made this declaration at the current Crude Oil Refinery Owners Association of Nigeria Summit taking place in Lagos.
The wealthiest individual in Africa, who was represented by the Executive Director of Dangote Group, Engr Mansur Ahmed, emphasized that it is important to acknowledge that the Dangote Refinery is already generating an adequate supply of diesel and jet fuel to satisfy Nigeria’s requirements.
The $20 billion refinery commenced operations on January 12, 2024, with an initial refining capacity of 300,000 barrels, which was subsequently augmented to 400,000 barrels by the conclusion of September 2024.
On September 15, the refinery initiated the distribution of its petrol, with the Nigerian National Petroleum Company Limited serving as the exclusive off-taker.
Dangote noted that despite Nigeria being the largest producer of crude oil in Africa, the nation has historically relied heavily on imports to fulfill its demand for refined petroleum products.
Following the commencement of Dangote Petrol distribution, NNPCL announced a new fuel price ranging from N950 to N1,100 per liter across its retail outlets nationwide.
In September 2024, Dangote also urged the Nigerian government to entirely eliminate fuel subsidies.
