The President of Dangote Group, AlhajiAliko Dangote has listed more than 12 gains of the Dangote Refinery, including significant reduction of fuel imports.
According to him, it will also save foreign exchange and contribute to stabilising the Naira, lowering inflation and reducing the cost of living.
Dangote, who reflected on the achievement of starting PMS production 28 years after Nigeria’s four refineries ceased domestic refining said this at a press briefing at the refinery in Ibeju-Lekki, Lagos, as he officially confirmed the rollout of Premium Motor Spirit (PMS), commonly known as petrol, from the world’s largest single-train refinery with a capacity of 650,000 barrels per day.
He emphasised that this development will boost the industrial and manufacturing sectors.
Dangote, accompanied by Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin and Group Commercial Operations Director at DIL, Hajiya Fatima Aliko-Dangote, described this milestone as a transformative moment for Nigeria, ending years of fuel imports.
“For the first time, Nigerians will gain a clear understanding of the country’s actual fuel consumption, said Dangote.
He expressed gratitude to Nigerians for their support and praised President Bola Tinubu for fostering an environment that made the successful launch of the 650,000 barrels per day refinery possible.
He stated, “Today is a momentous occasion because Nigeria has not produced petrol or gasoline, for many years. As I stand here, I want to extend my gratitude to the people of Nigeria and to President Bola Ahmed Tinubu’s administration for creating the environment that has enabled us to achieve this monumental task. This development will provide energy for our nation’s growth, development, and prosperity.
“I want to personally thank Mr. President for introducing the concept of ‘Naira for Crude’ and ‘Naira for Products.’ This initiative will bring much-needed stability to the Naira by reducing the demand for dollars in the market by 40 percent, which will help stabilise the exchange rate.
“But that’s not all. It will also address issues like ‘round-tripping,’ where fuel is documented but doesn’t actually enter Nigeria. With this new refinery, we will have a clear view of true consumption.
“We’ll be able to track every loaded truck and, as much as possible, monitor loaded ships. This will allow us to precisely determine consumption patterns, though that’s a topic for another discussion.
