Aliko Dangote, President of the Dangote Group, has officially presented the first sample of Premium Motor Spirit (petrol) from his refinery in Ibeju-Lekki, Lagos State.
The announcement was made during a live broadcast on Tuesday, highlighting the refinery’s capacity of 650,000 barrels per day and its ongoing test runs of the product.
In his remarks, Dangote expressed gratitude to the Nigerian populace and President Bola Tinubu’s administration for creating an environment conducive to growth and prosperity. He specifically praised the government’s initiative to allow crude oil transactions in Naira, which he believes will help stabilize the currency. “With this refinery operational, we will gain a clearer understanding of Nigeria’s actual consumption, enabling us to track every truck and shipload,” he stated.
Dangote assured that the refinery would not only meet the needs of Nigerians but also cater to the broader sub-Saharan African market. He noted ongoing challenges with international oil companies (IOCs), who have faced criticism for not supplying crude to local refiners. Recent reports indicated that a crude oil supply deal facilitated by the Federal Government is set to commence in October.
The Dangote Group has previously alleged that IOCs prefer to sell crude oil through foreign agents, causing local prices to rise. They claim that foreign oil producers are prioritizing sales to Asian markets over local refineries.
Additionally, the Dangote refinery has been involved in a dispute with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) concerning alleged supply shortfalls. While the NUPRC asserts that it facilitated the delivery of over 29 million barrels of crude oil to the refinery from January to June 2024, the Dangote Group has countered that it has not received sufficient supplies.
Anthony Chiejina, spokesperson for the Dangote Group, clarified, “While we appreciate the NUPRC’s statement regarding the allocation, we must emphasize that we have yet to receive these cargoes. Our processing has largely been dependent on international traders, except for one cargo negotiated with NNPCL.”
As the Dangote refinery moves forward, it remains focused on overcoming these challenges to ensure a steady supply of petrol for Nigeria and its neighbors.
