Aliko Dangote has assured Nigerians that fuel shortages will be a thing of the past this Christmas and New Year. Speaking to State House correspondents after a meeting with President Bola Tinubu at Aso Rock Villa, the chairman of Dangote Group said his refinery is fully ready to supply 50 million litres of Premium Motor Spirit daily, surpassing the country’s current needs.
Dangote highlighted that this marks a historic shift for Nigeria. “Since 1972, fuel queues have been a recurring problem. For the first time, we are ending those queues, not by importing but by producing locally. Even during refinery maintenance, queues were avoided. Now, queues are history,” he said.
He added that the refinery will soon generate surplus volumes, projecting that by February it will produce 15 to 20 million litres more than national demand. This extra capacity, he explained, could be exported to neighbouring countries, helping reduce fuel scarcity across West Africa.
The industrialist also revealed that domestic manufacturers, particularly in the plastics sector, will benefit from reliable access to locally produced feedstock, eliminating years of dependence on imports valued at approximately $400 million annually.
Looking ahead, Dangote outlined an ambitious expansion plan to raise the refinery’s capacity to 1.4 million barrels per day by 2028, surpassing India’s Reliance refinery, currently the world’s largest. “Construction piling will begin before the end of January, and we will deliver on schedule,” he said.
He also announced plans to scale urea production to 12 million tonnes annually, positioning Nigeria to overtake Russia and Qatar as a leading global supplier. “Our goal is to use our fertilizer company to serve the entire African continent,” he explained.
On recent drops in petrol and diesel prices, Dangote attributed the decline to increased competition and reduced smuggling. “Prices are going down because we must compete with imports. Smuggling has dropped significantly, though not completely,” he said.
Dangote emphasized that the refinery business is a long-term national investment. “We’re not here to recover $20 billion overnight. The legacy I want to leave is that whatever Nigerians need—fuel, fertilizer, power—we will be part of delivering it,” he noted.
He also pointed to logistical challenges affecting Nigeria’s solid minerals sector, citing congested ports such as Apapa and Tin Can, with Lekki largely reserved for containers. To address this, Dangote Group is developing what is expected to become West Africa’s largest deep-sea port at Olokola, scheduled for completion in two to two-and-a-half years.
The Kano-born businessman expressed support for the Tinubu administration’s naira-for-crude initiative, calling it a patriotic effort to strengthen the economy while acknowledging some pushback from international oil companies. He said, “It’s a teething problem, but it will be resolved, either through legislation or administrative action.”
On global competition, Dangote remains confident that the refinery will succeed. “Our aim is to make Nigeria the refining hub of Africa. All African countries import fuel. We want what we consume to be produced here,” he said.
He urged wealthy Nigerians to invest in productive sectors rather than luxury spending, stressing that domestic investors must lead industrialization to attract foreign capital. “If you have money for a private jet, invest in industries and create jobs,” he said.
Reflecting on past challenges, including policy instability, smuggling, and factory closures, Dangote expressed optimism about Nigeria’s path toward sustainable industrial growth. “Domestic investors must lead the way. Once they do, foreign investors will follow. Nobody advertises a good restaurant; when the food is good, word spreads,” he explained.
He described his meeting with President Tinubu as a routine consultation on the economy and business environment, calling it “a very fruitful meeting.”
