Dangote meets Tinubu, says fuel queues ‘gone forever’
Dangote meets Tinubu, says fuel queues ‘gone forever’
•Unveils plans for world’s largest refinery
President of the Dangote Group, Aliko Dangote, declared on Friday that Nigeria’s notorious fuel queues, persisting since 1972, are now history following his meeting with President Bola Tinubu at the State House.
Addressing State House correspondents on surging refinery output, falling prices, and mega-expansions, Dangote declared his refinery as Africa’s industrial gateway, crediting Tinubu’s policies for enabling self-sufficiency.
He detailed the shift from imports to exports: “If you look at it, in Nigeria we have been having fuel queues since 1972… we have actually removed those queues. It’s not about actually relying on imports. For the first time, we’re actually suppliers to Europe and US. Today, we have written to NMDPRA… we can supply 50 million every day… So the question of getting queues is history. It will never, ever happen by the grace of God.
“Even our neighbouring countries, they won’t have queues. By February, we’ll be able to supply about 15 to 20 million litres more than the consumption of Nigeria. So we still have to export. People who are even like in plastic industries, we will fully serve the domestic market, which they used to spend about $350 milliion to $400 million to import.”
He unveiled refinery upgrades to top global ranks: “By 2028 we are going to take this refinery to the largest refinery in the world we’re going to beat Reliance. Reliance is 1.25 million barrels per day, we will be at 1.4 million barrels per day,
“We’re going to have urea production of about 12 million tons… bigger than Russia and bigger than Qatar.”
On prices, smuggling persists due to differentials—“they are selling at almost 1500, 1600 but we’re selling at about 800 and something”—yet declines continue: “Prices are going down… petroleum products… will continue to be sold… at a very reasonable price. We are not here to make our 20 billion back quickly… it’s a long term investment.” Infrastructure woes block minerals like coal; Olokola port solves this: “Nigeria… awash [with coal]… that’s why… opening up the biggest, largest deep sea port in West Africa… deliver it within the next two and a half years.”[thenationonlineng]
Dangote lauded “Naira for crude” as “win-win… thank His Excellency, Mr President, for… genius thinking,” despite IOC hesitancy—a “teething problem.” No domestic rivals exist: “We don’t have any domestic competitor… make Nigeria the refining hub of Africa.” He championed “Nigeria first”: “Import is importing of poverty… We have to face agriculture… industrialization.” Amid 8.7 million annual births, he urged taxes and domestic investment: “The number one shareholder is government… it’s a partnership… good policies, good governance, rule of law.” The meeting? “It went very well… normal greeting, normal catch up… very nice, fruitful meeting.”
