Aliko Dangote, one of Africa’s leading industrialists, has announced that petrol produced at his 650,000 barrels per day refinery in Lagos will begin reaching filling stations across Nigeria within the next 48 hours. This development follows the finalization of modalities with the Nigerian National Petroleum Company Limited (NNPCL).
During a press briefing on Tuesday, Dangote confirmed the refinery’s readiness to supply Premium Motor Spirit (PMS), commonly known as petrol, stating, “Our PMS can be in filling stations within the next 48 hours depending on NNPCL.” He also mentioned that the pricing of the product will follow an arrangement approved by the Federal Executive Council, led by President Bola Ahmed Tinubu.
Dangote emphasized that the refinery, which began operations last December with an initial capacity of 350,000 barrels per day, has already started supplying diesel and aviation fuel to marketers. With the formal production of petrol now underway, the facility is set to significantly influence Nigeria’s fuel market.
One of the key initiatives highlighted by Dangote is the introduction of a “naira for crude” system, aimed at reducing the demand for foreign exchange by 40%. He praised President Tinubu for supporting this initiative, which he believes will stabilize the naira and curb currency speculation.
“I want to thank President Bola Tinubu for creating this idea of naira for crude and naira for the product. Doing that will give a lot of stability to the naira and remove 40 per cent of the demand for dollars,” Dangote said. He also noted that this system would enable better tracking of fuel distribution, thereby improving the accuracy of national consumption data.
The refinery’s full-scale operation is expected to have a profound impact on Nigeria’s fuel supply, potentially reducing the country’s reliance on imported petrol and contributing to greater economic stability.
