Dangote refinery: Queues now a thing of the past, says Otedola

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Billionaire businessman Femi Otedola has praised Nigerian President Bola Tinubu following the start of fuel loading at the Dangote Refinery on September 15, 2024.

In a social media statement, Otedola credited Tinubu for his leadership in making the refinery operational, calling it a key development for Nigeria’s energy sector.

The Dangote Refinery, Africa’s largest, with a capacity of 650,000 barrels per day, aims to reduce Nigeria’s reliance on costly fuel imports, stabilize domestic fuel prices, and improve the country’s trade balance.

Otedola’s comments echo growing optimism in the business community about Tinubu’s policies fostering private sector growth.

The Nigerian National Petroleum Corporation Limited (NNPC) began lifting refined petrol from the refinery, marking a milestone for Nigeria’s fuel supply chain.

The refinery plans to transport 75% of its products via sea routes to reduce road distribution costs. Additionally, agreements to sell crude oil to local refineries in Naira are expected to be finalized in two weeks, signaling further steps to strengthen Nigeria’s energy sector.

Punch

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