The Dangote Petroleum Refinery has successfully exported two cargoes of jet fuel, totaling approximately 130 million litres, to Saudi Arabia.
This milestone aligns with the Organisation of Petroleum Exporting Countries’ (OPEC) projection that the 650,000 barrels per day (bpd) refinery will significantly impact the global crude and product markets.
Aliko Dangote, President of Dangote Group, lauded the achievement as a testament to the organization’s commitment to its goals. The development suggests Nigeria’s increasing focus on the Middle East as it positions itself as a refining hub, especially amid the decline of refinery operations in the global north.
Last December, the Nigerian National Petroleum Company Limited (NNPCL) also made strides in the refining sector, exporting its first cargo of Port Harcourt Low Sulphur Straight Run (LSSR) fuel oil to Gulf Transport and Trading Limited in Dubai.
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During a visit by the Nigerian Economic Summit Group (NESG) to Dangote Fertiliser Limited and the Dangote Petroleum Refinery and Petrochemicals in Ibeju Lekki, Lagos, Aliko Dangote disclosed that the refinery’s current output stands at 550,000 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,” he said.
He noted the importance of the private sector in national development, stressing that Nigeria’s challenges could largely be overcome by providing gainful employment to its people.
The richest man in Africa discouraged using the concept of a free market for continued import dependence, noting that both developed and developing nations, including the United States and China, actively protect their domestic industries to safeguard jobs and promote self-sufficiency.
He also cited Benin Republic, where cement imports were restricted as part of a deliberate strategy to protect local industries, despite the proximity of his Ibese plant.
“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 said.
According to Dangote, the government stands to gain substantially when the private sector flourishes, noting that 52 kobo (52 per cent) of every naira Dangote Cement generates goes to the government.
Dangote also pointed out the significant challenges involved in setting up industries in Nigeria, particularly the substantial capital investment required due to the lack of infrastructure.
While commending Dangote for establishing the refinery, NESG Chairman, Niyi Yusuf, stated that Nigeria needed large investments to reach its $1 trillion economy goal.
“To achieve a $1 trillion economy, much of that must come from domestic investments. 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. This refinery, fertiliser plant, petrochemical complex and supporting infrastructure are monumental,” he said.
Yusuf emphasised that such local industries were essential to Nigeria’s industrialisation and would foster the growth of Small and Medium-sized Enterprises (SMEs).
