Aliko Dangote, Chairman of Dangote Group, has blamed oil marketers for the current fuel scarcity in Nigeria, stating that they have refused to source oil from his $12 billion refinery in Lagos. His comments followed a meeting with President Bola Tinubu and key stakeholders in the oil and gas sector.
The meeting called at the instance of President Bola Tinubu included important stakeholders such as the Minister of Finance, Wale Edun; Prof. Benedict Oramah, President and Chairman of Afrexim Bank; and Mele Kyari, Group Managing Director of NNPC Limited. The president was desirous to resolve some problem areas in connection with trading on
At a press briefing shortly after the meeting, Dangote claimed that his refinery has over 500 million liters of fuel in reserve, enough to meet the country’s needs for 12 days without imports. “We have 500 million liters in our tanks… This will sustain the country for more than 12 days, with no imports, no production, nothing,” he said.
I’m expecting either NNPC or the marketers to stop importing fuel; they should come and collect what we have – Aliko Dangote pleads with NNPCL and oil marketers to patronize his petroleum products, stating that he has 1 billion liters in the tank and that it costs him money to… pic.twitter.com/DdgiZwnZsG
— Imran Muhammad (@Imranmuhdz) October 29, 2024
The refinery, one of the world’s largest, can produce over 30 million liters daily – more than half the country’s estimated daily consumption.
Dangote urged retailers to come forward to collect the products, saying, “We are very ready. We are more than ready… But what I’m saying is that the retailers should please come forward and take it. If they don’t, what do you want me to do?“
He expressed concern over the financial burden of storing large quantities of fuel, noting, “It’s costing me money every day. If I could collect the naira, I could actually charge someone 32% in interest.“
Nigerians had hoped that the operation of his refinery would eliminate the persistent fuel scarcity and reduce pump prices. However, oil marketers have not explained why they still prefer importation over sourcing products from the Dangote refinery. This scenario suggests possible oil politics, as certain parties may have existing ties with importers that have connections to foreign refiners.
In the meantime, scarcity persists in several states of Nigeria, and pump prices have edged up. In Lagos and Abuja, the official pump price has risen from N980 to N1,060.
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