Aliko Dangote, Africa’s richest man and Chairman of the Dangote Group, has announced that Nigeria will stop importing petroleum products by June 2024. Speaking at the Africa CEO Forum Annual Summit in Kigali on Friday, May 17, Dangote expressed confidence in the transformative impact of his refinery on Nigeria and West Africa’s energy landscape.
Ending Fuel Imports
Dangote revealed that his refinery’s capacity would eliminate the need for Nigeria to import petrol, diesel, and aviation fuel. “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 a single drop of gasoline,” he declared.
Refinery Capabilities
Highlighting the refinery’s capabilities, Dangote stated, “We have enough gasoline to supply the entire West Africa, diesel for West and Central Africa, and aviation fuel for the whole continent, with surplus to export to Brazil and Mexico.”
Comprehensive Production
Dangote emphasized the refinery’s role in producing essential materials beyond fuels. “Our polypropylene and polyethylene will meet Africa’s entire demand. We’re also producing base oil for engine oil and linear alkylbenzene for detergents. These raw materials are currently imported, but we aim to make Africa self-sufficient,” he said.
Fertilizer Self-Sufficiency
Dangote outlined ambitious plans for fertilizer production, stating that within four years, Africa will no longer import fertilizers. “We will achieve self-sufficiency in potash, phosphate, and urea. Our urea production will increase from three million tonnes to six million tonnes in the next twenty months, matching Egypt’s capacity.”
Achievements and Future Goals
Reflecting on the refinery’s progress since its operations began in February, Dangote shared significant milestones and future expansions. “We have moved from $5 billion in revenue to $30 billion. Our refinery, with a capacity of 650,000 barrels per day and one million tonnes of polypropylene, will also produce 590,000 tonnes of carbon black, crucial for inks and dyes,” he explained.
Dangote stressed the importance of producing finished products locally to create jobs and reduce poverty. “Exporting raw materials and importing finished goods only imports poverty and exports jobs. We must change this narrative,” he asserted.
With the first phase of the refinery completed, Dangote announced plans for further expansion. “We are already planning the next phase, which will begin early next year,” he concluded.
