Aliko Dangote, President of Dangote Group, has provided insights into his discussions with President Bola Ahmed Tinubu during their meeting at the Presidential Villa in Abuja on Tuesday. Dangote was part of a delegation from the Crude Oil and Refined Products Sales in Local Currency Implementation Committee, which also included top government officials.
Present at the meeting were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, alongside the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, the Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, and the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso. Other attendees included Mallam Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Following the meeting, Dangote spoke with journalists, explaining that his refinery is well-positioned to meet Nigeria’s fuel demand, estimating the country’s daily consumption at 30-32 million liters. He confidently stated, “We are ready to supply whatever is consumed. In fact, we can begin production next week. Currently, we have 500 million litres in our tanks, which is enough to keep the country going for more than 12 days, even if no imports or production take place.”
Dangote further expressed his commitment to fulfilling this promise, saying, “I am putting my name on the line to assure the President that we will be able to meet the daily market demand of 30 million litres. We are ramping up, and we are fully prepared.”
He emphasized that if fuel imports were halted, the Dangote Refinery could handle local demand for at least 12 days. “We are producers, not retailers. Our refinery is ready, but it is now up to the Nigerian National Petroleum Company (NNPCL) and marketers to stop importing and collect the fuel we have available. We have half a billion litres in our tanks, and it’s costing me money every day. If they come forward and take what they need, the queues at filling stations will disappear.”
Minister of Finance, Wale Edun, also commented on the meeting, stating that it focused on reviewing the progress of the crude oil sales in naira initiative. He praised the efforts of the implementation committee and subcommittees, who have worked closely with all relevant stakeholders, including NIMASA, the Navy, NNPC, NPA, and other regulatory bodies, to ensure the smooth execution of this initiative.
He added that with the private sector now refining crude oil, Nigeria will benefit from increased production of raw materials, not only for agriculture but also for various industries, including chemicals, paints, textiles, and building materials. This, he said, aligns with President Tinubu’s strategy to create favourable conditions for private sector investment, job creation, and economic growth.
