This announcement comes as Dangote 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.
Reflecting on the achievement of starting PMS production 28 years after Nigeria’s four refineries ceased domestic refining, Dangote, told the press at the refinery in Ibeju-Lekki, Lagos, that this development will boost the industrial and manufacturing sectors.
He emphasised that the refinery will significantly reduce fuel imports, save foreign exchange, and will contribute to stabilising the naira, lowering inflation, and reducing the cost of living.
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.
He expressed gratitude to Nigerians for their support and praised President Bola Ahmed 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 per cent, 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,” he continued
“Today, we are here to celebrate and give thanks to God Almighty for bringing us to this point where we can produce gasoline. Many doubted we would achieve this, but we have delivered.
“We owe a debt of gratitude to the President and his government. Without their support, we wouldn’t be where we are today. I believe this refinery will transform not only Nigeria but also the entire Sub-Saharan Africa. Our capacity will not only meet Nigeria’s needs but also serve the demands of the broader region,” Dangote added.
Displaying a sample of the PMS to the press, Dangote remarked, “This petrol might be a bit cleaner compared to what we had before. It’s of the highest quality, ensuring that your vehicle’s engine will last longer. The quality of this fuel can match any premium standard worldwide, including those in Europe and America. No one can surpass us in terms of quality. Today is truly a celebration for us Nigerians.
“We are committed to ensuring that starting in October, there will be no need to import polypropylene. Our petrochemical plant will be fully capable of meeting all local demands,” Dangote stated.
While assuring that the refinery will guarantee the availability of petrol in Nigeria, Dangote clarified that the nation’s oil company, the Nigerian National Petroleum Corporation Limited, NNPCL, is responsible for controlling petrol pump prices.
Reacting to the milestone achievement, Nigerian billionaire and business mongul, Femi Otedola, said the operational of Dangote Refinery has delivered a “death blow” to the entrenched fuel import cabals that have long profited from Nigeria’s dependence on foreign oil.
In a letter to Dangote posted on his official X handle, Otedola praised the refinery’s historic achievement, heralding it as a transformative moment for the nation’s energy independence and a decisive end to the economic stranglehold that has kept Nigeria reliant on imported fuel for decades.
Reflecting on the 25-year journey that led to this milestone, Otedola recounted the early days when he and Dangote first set their sights on revolutionizing Nigeria’s energy sector.
“Aliko, it feels like just yesterday, but it has been 25 long years since we first set our sights on transforming Nigeria’s energy landscape,” Otedola wrote. He detailed how their initial plans to acquire stakes in the Kaduna and Port Harcourt refineries through the Blue Star Consortium were thwarted by the government, which he described as “utterly obnoxious.” Despite this setback, Dangote’s determination never wavered.
“You never gave up on the dream we shared. You carried the torch forward, igniting a spark that has today become a roaring flame,” Otedola stated, commending Dangote for his relentless pursuit of their shared vision. He highlighted the significance of the Dangote Refinery’s success, noting that it has accomplished what many thought impossible.
“You have not just built a refinery; you have liberated us from the chains of economic dependence that have held this nation back for far too long.”
Otedola’s letter also delivered a stark message to the powerful local cabals that have long dominated Nigeria’s fuel importation industry.
“You have dealt a death blow to the so-called local cabals who have fattened themselves for years, feeding off our nation’s economic slavery,” he declared, emphasizing that the days of exploiting Nigeria’s fuel dependency are over.
Drawing a parallel to Dangote’s earlier transformation of the cement industry, Otedola predicted a similar impact on the fuel market.
“I foresee a similar fate for fuel imports. The depot owners should take heed—it’s time to dismantle those depots and sell them as scraps while the market is still high,” he advised, signaling a new era where the domestic production of fuel will render import-dependent infrastructures obsolete.
