Aliko Dangote, President and CEO of Dangote Industries Limited, has called for an immediate end to Nigeria’s fuel imports, asserting that the country has the capacity to meet domestic demand. Speaking during a visit by the South South Development Commission (SSDC) to the Dangote Petroleum Refinery and Fertiliser Complex in Lagos, Dangote criticised international oil companies for practices that divert Nigerian crude abroad, forcing domestic refineries to buy at inflated prices.
Dangote highlighted that the Petroleum Industry Act (PIA) already prioritizes domestic supply, but loopholes are being exploited by operators. “The crude is available. It is not a matter of shortage. But the companies move everything to their trading arms, and we are forced to buy at a premium,” he said, noting that his refinery often faces constraints despite NNPC supplying five to six cargoes monthly, while optimal operation requires twenty.
He urged the Federal Government to reform royalty and tax collection on crude oil to reflect actual prices, discouraging revenue loss and unfair practices that disadvantage local refiners. Dangote described the current situation as unsustainable for Nigeria’s industrial ambitions, emphasizing the importance of value addition rather than continuous raw material exports. He disclosed plans for the refinery to supply 50 million litres of petrol daily during the Yuletide period, with 1.5 billion litres planned for December and another 1.5 billion litres for January 2026.
Dangote commended President Bola Tinubu’s “Nigeria First” policy but stressed that legislative backing is needed for full effectiveness. He noted that Nigeria’s ambition to become a trillion-dollar economy relies on disciplined policy execution, enhanced power generation, and reviving the steel sector, stressing that local production of critical materials like steel is essential for national industrial growth.
Beyond refining, Dangote outlined plans to collaborate with SSDC on agriculture, particularly in soil testing and customised fertiliser production, to boost productivity. He also underscored the continued relevance of petroleum products in Africa, noting that limited power access makes oil indispensable despite global EV trends. Dangote reaffirmed the refinery’s commitment to national growth, local industry support, and positioning Nigeria as a net exporter of refined products and petrochemicals.
source: The Sun