President of Dangote Group, Aliko Dangote, has promised that from next month, June, the importation of fuel into Nigeria will be a thing of the past.
Dangote made this staggering commitment at the Africa CEO Forum Annual Summit in Kigali on Friday May 17,
The Africa’s wealthiest man owns the Dangote Refinery. It is one of the world’s largest crude oil refineries cited in the Lekki Free Zone, Lagos – Nigeria’s commercial capital. It debuted refining operation last year. The 650,000 barrels per day processing capacity juggernaut set Mr. Dangote back a whopping $12 billion in investments.
Capacity To Satisfy African Demand
Dangote addressing the forum, boasted his refinery has capacity to even meet West Africa’s petrol and diesel needs, and supply the entire continent with aviation fuel. He said he was now confident he could transform Africa’s energy landscape. “Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of litre“
“In another month, Nigeria will not need to import fuel; not one litre”.
Aliko Dangote
If he achieves that, one man would have ended the vexatious issue of fuel import subsidies at the heart of Nigeria’s political tension and economic stagnation of the last two decades.
“We have enough gasoline to give to at least the entire West Africa, diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico“, he added.
Dangote mentioned that their production of polypropylene and polyethylene could satisfy Africa’s demand. He said they are producing base (engine) oil and linear benzyl – the raw materials for detergent manufacturing.
“So, all the raw materials for our detergents are imported. We are now producing that raw material to make Africa self-sufficient.
“As I said, give us three or a maximum of four years and Africa will not, I repeat, not import any more fertilizer from anywhere. We will make Africa self-sufficient in both potash, phosphate, and urea, we are at three million tonnes and in the next twenty months, we will be at six million tonnes of urea which is the entire capacity of Egypt. We are getting there.”
Not Without Challenges
Mr Dangote said despite facing initial scepticism about the project, he has shown the value of investing in Africa and producing finished goods locally to create jobs and reduce poverty. “Exporting raw materials and importing finished goods equates to exporting jobs and importing poverty,” he said.
“In four years, Africa will not, I repeat, not have to import any more fertilizer”.
Aliko Dangote, CEO Dangote Refinery
He acknowledged the obstacles in faced in building the refinery, including resistance from those benefiting from the status quo, but affirmed his commitment to the project. “The pushback was significant, but we had no room for failure, and we have delivered.“
He also identified government policy inconsistencies as a major challenge for African entrepreneurs and called for supportive policies from African leaders to facilitate trade and investment across the continent.
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