- The Federal Government praises the commencement of petrol lifting from the Dangote Refinery, marking a significant step towards Nigeria’s energy self-sufficiency
- Minister Wale Edun emphasizes local refining’s importance in reducing fuel scarcity and boosting domestic investment, urging other refiners to follow suit
The Federal Government has hailed the commencement of petroleum lifting from the Dangote Petroleum Refinery and Petrochemicals as a significant step towards Nigeria’s industrialization and the return of local refining. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the event as historic, renewing hope for the country’s energy self-sufficiency and security.
During the event, Edun emphasized that this marks a return to Nigeria’s previous state of local refining and petroleum supply, which had not been achieved in decades. He noted that this milestone aligns with President Bola Tinubu’s vision of ensuring raw materials are processed domestically before export.
Edun explained that the initiative will end the long-standing issues of fuel scarcity and long queues, bringing energy stability to Nigeria. He commended Tinubu for facilitating the supply of crude oil to local refineries in naira, a step aimed at boosting domestic investment and adding value to Nigeria’s resources.
He also praised Aliko Dangote, President of Dangote Industries Limited, for his dedication and contribution to restoring Nigeria as a producer of refined petroleum products. Edun called on other domestic refiners to follow Dangote’s example by supplying the local market and producing for export, which will generate additional foreign exchange for the country.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, highlighted that the refinery, the largest single-train refinery complex in the world, has the capacity to process 52,000 barrels of crude daily and produce over 54 million liters of PMS (petrol). He stated that 44% of the refinery’s production will meet Nigeria’s domestic needs, while 56% will be available for export, positioning Nigeria as a net exporter of refined products.
Edwin also reassured the public that concerns over traffic congestion caused by fuel tankers, similar to the situation in Apapa, had been addressed. The refinery has provisions for loading products through its jetty, supported by a self-sufficient marine facility capable of handling the largest vessels globally.
This development is expected to significantly reduce Nigeria’s foreign exchange demand while boosting foreign earnings through exports.