Aliko Dangote, the CEO of Dangote Refinery, has addressed the growing fuel scarcity in the country, urging NNPC and other marketers to load fuel from the refinery.
Speaking at the State House on Tuesday, Dangote stated that the refinery, with a capacity of 650,000 barrels per day, has sufficient petrol available, but marketers have not been picking up the product.
He emphasized that, as a producer, the refinery is not responsible for the scarcity, as it does not handle fuel distribution.
The business mogul also noted that the longer the petrol remains in the refinery’s storage, the more financial losses it incurs daily.
“We are producers. I have a refinery. I’m not in the business of retail. If I’m in the business of retail, then you can hold me responsible. But what I’m saying is that the retailers should please come forward and pick. If they don’t come forward and pick, what do you want me to do? There is nothing I can do.
“I’m expecting either NNPC or the marketers to stop importing and they should come and collect. We have what they need. As they remove, I will be pumping. I don’t know whether you understand what it takes to keep having millions of litres inside our tank. It’s costing me money.
“Every day, if I’ll be able to collect the naira, I can actually charge somebody 32% in interest. Right now, that is what I’m losing. And you’re talking about 500 billion. We don’t print money. The issue is that if they come to collect, you’ll not see any queues in the filling stations,” Dangote said.
The refinery can meet local demand
- Furthermore, Dangote stated that the refinery has the capacity to meet local demand, even if consumption reaches 55 million liters per day.
- He noted that since marketers are already importing petrol, it should not be an issue for them to source products from a local producer.
- He emphasized that with the refinery’s products readily available, there is no valid reason for marketers not to pick up supplies from their facility.
“We have what it takes for them to come and collect. We are not retailers. We also don’t have trucks to send. We have a factory for them to come and load. If they come and pick, they will then distribute.
“And they’ve been doing that with importation. So if it’s true that they are doing 55 million liters, I see no reason why they won’t come and collect our own and distribute,” Dangote said.
What you should know
- The Dangote refinery, developed by Africa’s wealthiest individual, Aliko Dangote, involved a $20 billion investment.
- With a processing capacity of 650,000 barrels per day, it stands as the largest refinery in both Africa and Europe upon reaching full operational status, anticipated this year or next.
- The refinery aims to significantly reduce Nigeria’s reliance on imported petroleum products.
- Despite being Africa’s most populous nation and its leading oil producer, Nigeria imports nearly all of its fuel due to insufficient refining infrastructure—a gap the Dangote refinery seeks to address.
