Aliko Dangote, Africa’s richest man and chairman of the Dangote Group, the continent’s most diverse manufacturing conglomerate, said Nigeria might stop importing premium motor spirit (PMS), or fuel, by next month owing to the Dangote Refinery.
The billionaire industrialist, whose net worth has decreased by $8.6 billion from January’s peak of $23.3 billion, is driving Nigeria’s energy independence with his $20.5 billion Dangote Petrochemical Complex. This megarefinery has a world-leading capacity of 650,000 barrels per day (bpd).
Speaking at a panel discussion at the Africa CEO Forum Annual Summit in Kigali on Friday, Dangote stated that the refinery, which already supplies diesel and aviation fuel domestically, can meet the entire West African region’s diesel and petrol needs, as well as the continent’s aviation fuel demand.
“Right now, Nigeria has no cause to import anything apart from gasoline,” he said. “By sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like petrol — not one drop of a liter,” he stated.
The Dangote Petrochemical Complex, located on the outskirts of Lagos, represents a huge step forward in Nigeria’s economic growth. Aside from refining, the complex includes a polypropylene factory that produces 1 million metric tonnes per year and two of the largest fertilizer trains, with a combined annual capacity of 3 million tonnes of urea.
Dangote, the world’s wealthiest Black person, highlighted the oil company’s accomplishments and its goal of reducing the continent’s reliance on imports in the near future. The business entrepreneur has grandiose aspirations to extend the refinery beyond Nigeria and become a major exporter of refined products across Africa, potentially reaching Brazil.
The $20.5 billion Dangote Oil Refinery has started supplying petroleum products locally. The refinery’s recent offer for 24 million barrels of US crude oil over the next year demonstrates its commitment to becoming a major player in global crude and fuel markets.
