Aliko Dangote, Africa’s richest man and Chairman of the Dangote Group, announced that Nigeria will cease importing gasoline by June. This milestone follows the successful operationalization of the Dangote Refinery, which aims to transform Africa’s energy landscape by making the continent self-sufficient in fuel production.
Speaking at the Africa CEO Forum Annual Summit in Kigali on Friday, Dangote stated, “Nigeria has no cause to import anything apart from gasoline, and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import a single drop of gasoline.”
Dangote highlighted that the refinery’s capabilities extend beyond Nigeria, aiming to meet the petrol and diesel needs of West Africa and supply aviation fuel across the continent. “We have enough gasoline to supply at least the entire West Africa, diesel for West and Central Africa, and aviation fuel for the entire continent. We can even export to Brazil and Mexico,” he said.
The refinery, commissioned in February, has already achieved significant milestones. It produces jet fuel and diesel, with gasoline production set to start next month.
Dangote emphasized the importance of reducing Africa’s dependency on imported raw materials and boosting local production. “Our polypropylene and polyethylene production will meet Africa’s entire demand. We are also producing base oil and linear benzyl, essential for manufacturing detergents. This will make Africa self-sufficient,” he added.
Dangote’s ambitious vision extends to agriculture, aiming for Africa to stop importing fertilizers. “In three to four years, Africa will not import any more fertilizer. We will be self-sufficient in potash, phosphate, and urea. Our urea production will reach six million tonnes in the next twenty months, matching Egypt’s capacity,” he explained.
Reflecting on the journey, Dangote noted the strategic focus on investing in Africa rather than participating in the booming US capital markets. “We moved from five billion dollars in revenue to thirty billion in five years. Our refinery is crucial for Africa. Except for Algeria and Libya, all African countries import petroleum products, which must change,” he said.
Dangote also addressed the challenges faced in building the refinery, including resistance from those benefiting from the status quo. “There was significant pushback from people used to making money trading without a refinery. However, failure was not an option, even though many doubted our success,” he stated.
He called for consistent policies to support African entrepreneurs. “Policy inconsistency is a major challenge. We need supportive policies from leaders to ensure ease of trading on the continent,” he urged.
The Dangote Refinery’s successful launch marks a significant step towards self-sufficiency in Africa’s energy sector, promising economic growth and stability for the region.