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Dangote: Our Refinery Built Without Government Incentives

Monday Yakubu by Monday Yakubu
October 8, 2024
in Business
0

Alhaji Aliko Dangote, the President of the Dangote Group, announced on Tuesday that the Dangote Refinery was constructed without any government incentives. He made this statement during his keynote address at the Crude Oil Refinery Owners Association of Nigeria (CORAN) Summit in Lagos, themed “Making Nigeria a Net Exporter of Petroleum Products.”

Dangote, represented by Mr. Ahmed Mansur, highlighted the need for investor incentives to achieve Nigeria’s goal of becoming a refining hub. He emphasized the importance of ensuring a steady supply of feedstock while advocating for an end to “mortgaging” crude oil. “It is unfortunate that while countries like Norway are investing oil proceeds into a future fund, we in Africa are spending our future earnings,” Dangote said.

He urged the government to prioritize implementing domestic crude supply obligations and expanding crude oil production capacity to satisfy the demands of new refining facilities. Despite being Africa’s largest crude oil producer, Nigeria has historically relied on imports to meet its refined petroleum product needs. “Nigeria is poised to transition from a net importer to a net exporter of refined products, positioning itself as a significant player in global downstream trade,” he stated.

Dangote praised President Bola Ahmed Tinubu’s efforts, noting the government’s proactive measures to facilitate divestments from International Oil Companies (IOCs) and other initiatives aimed at enhancing the oil sector. He expressed gratitude for President Tinubu’s unwavering support throughout this journey.

During his address, Dangote pointed out that Africa imports approximately three million barrels of petroleum products daily, with half coming from coastal countries. These countries produce over 3.4 million barrels of crude oil each day, with imports primarily sourced from Europe, Russia, and other regions. “In 2023 alone, this trade was estimated at around $17 billion. However, these markets will be better served from Nigeria, reducing logistics costs and allowing countries to purchase their petroleum product requirements just in time,” he explained.

He firmly believes that Nigeria and Africa can achieve self-sufficiency in petroleum products, retaining all economic value locally. “We have succeeded in cement production, and we can certainly replicate that success in petroleum refining,” he remarked.

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Dangote highlighted the achievements of the Dangote Refinery, stating that it already produces sufficient diesel and jet fuel to meet Nigeria’s needs and is ramping up production of Premium Motor Spirit (PMS) to satisfy domestic demand. Furthermore, the refinery has begun exporting products to international markets in Europe, Brazil, the UK, the USA, Singapore, and South Korea.

He acknowledged that global developments in the petroleum sector, particularly in Europe, could disrupt traditional trade flows for refined products in Africa. “Nigeria is uniquely positioned to capitalize on these opportunities and become a formidable player in the global oil industry. As a vibrant exporter of refined products, Nigeria stands to improve its trade balance and generate much-needed foreign currency,” he stated.

In his address, Governor Babajide Sanwo-Olu of Lagos State called on oil and gas stakeholders to harness the sector’s immense potential to become a global supplier of refined petroleum products. Represented by Mr. Biodun Ogunleye, Commissioner for Energy and Mineral Resources, the governor affirmed the state’s commitment to supporting this vision through initiatives that enhance infrastructure, logistics, and regulatory frameworks necessary for investment in energy and refining sectors.

He noted, “The Dangote Refinery, located in Lagos, exemplifies the potential that exists when vision meets conducive conditions for success.” He stressed the importance of increasing refining capacity to reduce reliance on imports and position Nigeria as a significant player in the global energy market. “This focus on refining will stimulate job creation, enhance foreign exchange earnings, and contribute to economic diversification,” Sanwo-Olu added.

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