Alhaji Aliko Dangote, President and CEO of Dangote Industries Limited, announced that his refinery is capable of meeting Nigeria’s daily fuel requirements, urging the Nigerian National Petroleum Company Limited (NNPCL) and other importers to cease fuel importation.
Speaking after a meeting with President Bola Tinubu at the Presidential Villa on Tuesday, Dangote said that local fuel production could save Nigeria billions of dollars and reduce pressure on the naira.
The meeting, which was attended by Finance Minister Wale Edun and NNPCL Group CEO Mele Kyari, focused on the naira-for-crude policy.
Dangote assured the President that his refinery, once operating at full capacity, could supply the estimated 30-32 million litres of fuel Nigeria consumes daily.
He added that they could potentially begin this supply within a week, with current reserves of 500 million litres in the refinery’s storage tanks, enough to cover more than 12 days even if no new production or imports occur.
“We are more than ready,” said Dangote. “I’ve given Mr. President my commitment that we’ll meet the daily demand of 30 million liters, and we are increasing output.”
He clarified that his role is as a producer, not a retailer, urging NNPCL and marketers to lift fuel from the refinery to ensure a steady supply at filling stations.
“We are not in the retail business; our refinery is ready for collection. Retailers should come and lift the product for distribution.”
Dangote said he is frustrated over the costs of holding 500 million litres of fuel, which he noted incurs high financial overheads.
“I don’t know if you understand what it means to keep half a billion litres in our tanks, it is costing me money. Everyday if I am to collect money I can charge 32 percent in interest.
“That is what I am losing, and you are talking about 500 billion. If they come and collect then you will not see any queue in the filling stations”.
He said coming to the refinery to lift fuel should not be difficult since the NNPCL and other marketers have been doing that with importation.
“We have what it takes for them to come and collect, we are not retailers and we don’t have trucks, but we have a factory where we can load, come and pick and distribute and they have been doing that with importation.
“Since they have been doing that with importation I see no reason why they should not come and collect and distribute”, he stated.
