…unveils plan to build world’s largest refinery by 2028
The President of Dangote Group, Alhaji Aliko Dangote, on Friday assured Nigerians that the era of nationwide fuel queues has come to an end, pledging uninterrupted petrol supply during the Christmas season and beyond.
Speaking to journalists at the State House, Abuja, after a meeting with President Bola Ahmed Tinubu, Dangote said the refinery has formally notified the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) that it is ready to deliver 50 million litres of Premium Motor Spirit (PMS) daily, far above national consumption.
“Historically, Nigeria has battled fuel queues since 1972. For the first time, we are eliminating those queues, not through imports but by producing locally. Even when we were servicing the refinery, there were no queues. I can assure you that queues are now history”, he said.
Dangote stated that the refinery will soon produce surplus volumes, adding that by February, it will supply 15–20 million litres more than Nigeria needs.
This, he said, will allow exports to neighbouring countries, reducing the incidence of fuel scarcity across West Africa.
He also disclosed that domestic manufacturers, especially in the plastics industry, will now enjoy reliable access to locally produced feedstock, ending years of reliance on imports estimated at $400 million annually.
Looking ahead, Dangote announced an expansion programme that will raise refinery capacity to 1.4 million barrels per day by 2028, surpassing India’s Reliance refinery, the world’s largest, at 1.25 million barrels per day.
“We have already signed the necessary agreements. Construction piling begins before the end of January, and we will deliver on schedule,” he said.
The industrialist also revealed plans to scale up the company’s urea production to 12 million tonnes annually, positioning Nigeria to overtake Russia and Qatar as the world’s leading producer.
“Our goal is to use our fertilizer company to supply the entire African continent,” he said.
Commenting on recent declines in petrol and diesel prices, Dangote attributed the trend to increased competition and a reduction in smuggling.
“Prices are going down because we must compete with imports. Luckily, smuggling has dropped significantly, though not completely,” he explained.
He stressed that the refinery business is a long-term national investment, saying, “we’re not here to recover $20 billion overnight. The legacy I want to leave is that whatever Nigerians need, fuel, fertilizer, power, we will be part of delivering it.”
Dangote further highlighted logistics constraints affecting Nigeria’s solid minerals sector, particularly the congestion of major ports.
“Apapa is full. Tin Can is full. Lekki is mainly for containers. You cannot export coal or copper if you have nowhere to ship from,” he noted.
To address this, he said the Group is developing what would become West Africa’s largest deep-sea port at Olokola, expected to be completed in two to two-and-a-half years.
He expressed support for the Tinubu administration’s naira-for-crude initiative, describing it as a patriotic move to strengthen the economy, although he acknowledged pushback from international oil companies.
“It’s a teething problem, but it will be resolved, either through legislation or administrative action,” he said.
On concerns about global competition, Dangote maintained that the refinery will thrive.
“What we want is to make Nigeria the refining hub of Africa. All African countries import fuel. We want what we consume to be produced here,” he stated.
He also endorsed the government’s Nigeria-first industrial policy and urged wealthy Nigerians to channel resources into productive investment rather than luxury spending.
“If you have money for a private jet, invest in industries and create jobs,” he said, adding that domestic investors must drive industrialization to attract foreign capital.
Dangote acknowledged past hurdles, policy instability, smuggling, and factory closures, but expressed optimism that the country is now on a stable path toward sustainable industrial growth.
“Domestic investors must lead the way. Once they do, foreign investors will follow. Nobody advertises a good restaurant; when the food is good, word spreads,” he said.
He described his meeting with President Tinubu as a routine consultation on the economy and business environment, noting that it was “a very fruitful meeting.”
