Aliko Dangote, Africa’s richest man, has asserted that the persistent fuel queues across Nigeria could be eliminated if fuel marketers begin to source their supplies from his refinery. Speaking to State House Correspondents on Tuesday, October 29, Dangote urged the Nigerian National Petroleum Company Limited (NNPCL) and other marketers to cease fuel importation and instead patronize his facility.
Flanked by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Special Adviser to the President on Information and Strategy, Bayo Onanuga, Dangote revealed that his refinery has the capacity to meet the country’s fuel demands. “What I estimated as our consumption daily is about 30-32 million liters,” he stated, adding that production could begin as soon as next week. “As we speak today, we have 500 million liters in our tanks. With that, even if there is no production anywhere or no import, that will take the country more than 12 days.”
Dangote expressed confidence in his refinery’s capabilities, saying, “We are very ready, we are more than ready and I am also putting my name on the line that we will be able to supply the market 30 million per day and we are ramping up, so we are ready.” He called on the NNPCL and marketers to “stop importing, they should come and collect what they need.”
Highlighting the financial implications of storing such a large volume of fuel, Dangote noted, “I don’t know if you understand what it means to keep half a billion liters in our tanks, it is costing me money. Everyday if I am to collect money, I can charge 32 percent in interest. That is what I am losing. If they come and collect, then you will not see any queue in the filling stations.”
With these statements, Dangote emphasizes the urgent need for collaboration among industry stakeholders to alleviate the ongoing fuel shortages that have plagued the nation.