The Crude Oil Refinery Owners Association of Nigeria Summit, Aliko Dangote, President of the Dangote Group, revealed that the Dangote Refinery was constructed without any incentives from the Nigerian government.
This statement showss the refinery's independent establishment, which boasts a capacity of 650,000 barrels per day. As of January 2024, the refinery began operations with an initial refining capacity of 300,000 barrels, which increased to 400,000 barrels by September 2024.
The Dangote Refinery, valued at $20 billion, represents a monumental shift in Nigeria's approach to its petroleum sector. Historically, despite being Africa's largest crude oil producer, Nigeria has relied heavily on imports to meet its refined petroleum product needs.
The refinery now produces sufficient diesel and jet fuel to satisfy domestic demand, marking a move towards self-sufficiency.
In September 2024, the distribution of Dangote Petrol commenced, with the Nigerian National Petroleum Company Limited (NNPCL) as the sole off-taker.
This partnership is pivotal, as it aligns with Dangote's advocacy for the complete removal of fuel subsidies, a policy change he emphasized in the same month.
The introduction of Dangote Petrol also led to NNPCL setting new fuel prices between N950 and N1,100 per liter across its retail outlets nationwide.
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