Aliko Dangote, President of Dangote Group, revealed that the company’s 650,000 barrels-per-day refinery was constructed without any financial incentives from the Nigerian government. This statement was made during the Crude Oil Refinery Owners Association of Nigeria Summit, currently taking place in Lagos.
Represented by the Group’s Executive Director, Engr Mansur Ahmed, Dangote emphasized that the refinery, which became operational on January 12, 2024, has already reached a refining capacity of 400,000 barrels per day. The facility is now producing enough diesel and jet fuel to fully meet Nigeria’s domestic demand.
The $20 billion refinery initially began with a capacity of 300,000 barrels per day but scaled up by September 2024. On September 15, the Dangote Refinery started distributing petrol, with the Nigerian National Petroleum Company Limited (NNPCL) as its sole off-taker.
Despite being Africa’s top crude oil producer, Nigeria has long relied on imports for refined petroleum products. The launch of Dangote-produced petrol has prompted NNPCL to announce new fuel prices, ranging between N950 and N1,100 per liter nationwide.
In addition, Dangote has been a vocal advocate for the complete removal of fuel subsidies, calling on the Nigerian government to take decisive action on the matter in September 2024.
