Dangote asserts Nigeria's fuel imports to cease by June - Android Pols
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| Dangote asserts Nigeria's fuel imports to cease by June |
Dangote further mentioned that his refinery is capable of satisfying the petrol and diesel requirements of West Africa, as well as aviation fuel needs across the continent.
Aliko Dangote, Africa's wealthiest individual and head of the Dangote Group, has announced that due to the Dangote Refinery's strategic plans, Nigeria is set to halt gasoline imports from next month onward.
Dangote further mentioned that his refinery is capable of satisfying the petrol and diesel requirements of West Africa, as well as aviation fuel needs across the continent.
During the Africa CEO Forum Annual Summit in Kigali on Friday, he shared his positive outlook on changing the energy dynamics of Africa.
"Nigeria currently has no reason to import any fuel except gasoline, and by sometime in June, within the forthcoming four or five weeks, we expect Nigeria to stop importing gasoline entirely," he stated.
He highlighted the oil company's advancements toward making Africa self-reliant in the energy sector.
"We can supply enough gasoline for the entirety of West Africa, diesel for both West Africa and Central Africa, and aviation fuel for the whole continent, with some to spare for exports to Brazil and Mexico.
"Currently, our production of polypropylene and polyethylene satisfies all of Africa's needs. We're also producing base oil, similar to engine oil, and linear alkyl benzene, a key ingredient for making detergent. With a population of 1.4 billion, no one else in Africa is producing these.
Thus, we import all the raw materials for our detergents. We're now producing these materials ourselves to achieve self-sufficiency for Africa.
"Give us just three to four years, and Africa will no longer import any fertilizer. We aim to make the continent self-sufficient in potash, phosphate, and urea. Currently, we're at three million tonnes of urea, and within the next twenty months, we'll reach six million tonnes, matching Egypt's entire capacity. We're on our way," he explained.
Dangote also detailed the company's accomplishments since the refinery's inauguration in February.
Despite the surge in the US capital market and the success of companies like Google and Microsoft, we chose to invest all our funds in Africa.
Just five years ago, we dreamed of increasing our revenue from five billion dollars to thirty billion, and we've achieved it. Our refinery is substantial and essential for Africa. Only Algeria and Libya are non-importers of petroleum products in Africa, which is unfortunate. The rest are importers," he noted.
He continued, "We must shift our approach and not only produce raw materials but also finished goods to create jobs.
As Africans, we need to understand that exporting raw materials and importing finished goods equates to importing poverty and exporting jobs. We must alter this narrative."
"We commenced operations in February, and we're now producing jet fuel and diesel. By next month, we'll start producing gasoline. This will allow us to utilize most of the African crude oil produced and supply not just Nigeria, but also West Africa, Central Africa, and South Africa. Our daily capacity includes 650,000 barrels, 1 million tonnes of polypropylene, and 590,000 tonnes of carbon black, used in inks, dyes, etc. We're planning further expansion. This is just the initial phase, with the next phase set to begin early next year," he said.
Dangote acknowledged the challenges in constructing the refinery, especially from those comfortable with the existing system.
He faced resistance, but failure was not an option, despite skepticism about his success.
"The resistance was significant because some people are accustomed to profiting from trading without a refinery. To find individuals committed to Africa, we need investors who believe in the continent's potential. Current operators aren't investing, which will eventually affect us. Without continuous investment, oil production will decline.
The major pressure we faced was the imperative to succeed, as we were the EPC contractors and most doubted our ability to deliver, but we have now succeeded," he added.
Dangote also pointed out policy inconsistency as a significant obstacle for African entrepreneurs and urged for policy revisions and leadership support to facilitate smoother trade within the continent.
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