The Dangote Petroleum Refinery has announced the export of two cargoes of jet fuel, totaling approximately 130 million litres, to Saudi Arabia.
Aliko Dangote, President of Dangote Group, described the achievement as fulfilling the refinery’s ambitious goals. Speaking after a visit by the Nigerian Economic Summit Group (NESG) to the Dangote Fertiliser Limited and Dangote Refinery in Ibeju Lekki, Lagos, Dangote revealed that the refinery’s current output stands at 550,000 barrels per day (bpd).
“We are reaching the ambitious goals we set for ourselves, and I am pleased to announce that we have just sold two cargoes of jet fuel to Saudi Aramco,” Dangote stated.
The Organisation of Petroleum Exporting Countries (OPEC) had previously projected that the 650,000bpd refinery would significantly disrupt global crude and product markets, a forecast now coming to fruition.
Dangote emphasized the critical role of the private sector in addressing Nigeria’s economic challenges. He highlighted the importance of creating jobs to tackle unemployment and discouraged over-reliance on imports under the guise of a free market.
Citing examples of protectionist policies, Dangote pointed to Benin Republic’s restrictions on cement imports to safeguard local industries. “The President is a personal friend, and my Ibese plant is just 28km from Benin, yet they refuse to allow imports to protect their local industries, most of which are grinding plants,” he explained.
Dangote also noted the substantial contributions of his businesses to the government, revealing that 52 percent of every naira generated by Dangote Cement goes to government revenue.
Acknowledging the difficulties of setting up industries in Nigeria, Dangote highlighted the high capital requirements driven by inadequate infrastructure. Despite these challenges, he reiterated his commitment to fostering Nigeria’s industrial growth.
Niyi Yusuf, Chairman of NESG, praised the refinery and its associated projects, describing them as monumental investments essential to Nigeria’s industrialisation.
“To achieve a $1 trillion economy, much of that must come from domestic investments,” Yusuf said. “I joked during the bus ride that while others are dredging to create islands for leisure, you’ve dredged 65 million cubic tonnes of sand to create a future for the country.”
Yusuf underscored the importance of large-scale local industries in fostering the growth of Small and Medium-sized Enterprises (SMEs) and driving Nigeria’s economic transformation.
