Aliko Dangote, President of Dangote Group, has revealed that his 650,000 barrels-per-day capacity refinery was constructed without any incentives from the Nigerian government. This statement was made during the Crude Oil Refinery Owners Association of Nigeria Summit, currently taking place in Lagos.
Represented by the Executive Director of Dangote Group, Engr. Mansur Ahmed, Dangote highlighted the refinery's impact on Nigeria’s fuel supply, stating that it now produces enough diesel and jet fuel to fully meet the country’s demand.
The $20 billion Dangote Refinery, which began operations on January 12, 2024, initially had a refining capacity of 300,000 barrels per day but increased to 400,000 barrels by the end of September 2024. On September 15, the refinery started distributing petrol, with the Nigerian National Petroleum Company Limited (NNPCL) as the sole off-taker.
Despite being one of Africa’s largest crude oil producers, Nigeria has long relied on imports to meet its demand for refined petroleum products. With the refinery’s operations in full swing, NNPCL announced new fuel prices between N950 and N1,100 per liter across its retail outlets nationwide.
Dangote has also been a strong advocate for the removal of fuel subsidies in Nigeria, pushing for the government to take definitive action in September 2024.
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