Dangote urges marketers, NNPCL to stop fuel imports
Alhaji Aliko Dangote, President and Chief Executive of Dangote Industries Limited, has stated that his refinery is capable of exceeding Nigeria’s daily fuel requirements.
He urged the Nigerian National Petroleum Company Limited (NNPCL) and other fuel importers to halt their import activities.
If implemented, this advice could save Nigeria billions of dollars in fuel imports and alleviate pressure on the naira. Alhaji Aliko Dangote made this announcement on Tuesday at the Villa following a meeting with President Bola Tinubu regarding the naira-for-crude policy. The meeting was also attended by Finance Minister Wale Edun and Mele Kyari, Group CEO of the NNPCL.
Dangote stated that he informed the President of his refinery’s readiness to supply over 30 million liters of fuel daily, supported by a sufficient crude supply.
He mentioned that a technical committee is addressing the necessary preparations, and any outstanding issues will be guided by the Finance Minister and the Coordinating Minister of the Economy before being escalated to the President.
He noted, “At full capacity, we can meet the entire consumption needs, which I estimate to be around 30-32 million liters. We could start production as soon as next week. Currently, we have 500 million liters in our tanks, enough to sustain the country for over 12 days even without production or imports.”
“We are more than ready, and I’m putting my name on the line by assuring Mr. President that we can supply the market with 30 million liters per day, and we are ramping up production,” Dangote stated.
He emphasized, “What you need to understand is that we are producers. I own a refinery and am not involved in retail. If I were in retail, you could hold me accountable. What I’m saying is that retailers need to come forward and take the fuel. If they don’t, what can I do?”
Dangote expressed his expectation that the NNPCL and fuel marketers would cease importing, noting that he incurs costs by storing fuel in tanks. “Keeping half a billion liters in our tanks is costing me money. If I were to charge interest, it would be 32 percent daily on that amount. That’s a significant loss, and if they come to collect, we won’t see any queues at filling stations.”
He pointed out that picking up fuel from the refinery should not be difficult, as the NNPCL and other marketers have been managing imports effectively. “We have the capacity for them to come and collect fuel. We’re not retailers and don’t own trucks, but we have a factory ready for loading. They have been doing this with imported fuel, so I see no reason why they can’t come and collect and distribute from us,” he concluded.
Proofreading by Uchechi Ojo, Sub-editor at NeptunePrime.
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