President of Dangote Industries Limited, Aliko Dangote, has declared that Nigeria has no reason to import petroleum products, insisting that his refinery alone possesses the capacity to satisfy domestic demand if international oil companies comply with local supply laws.
Speaking during a courtesy visit by the South South Development Commission (SSDC) to the Dangote Petroleum Refinery and Fertiliser Complex in Lekki, Dangote accused foreign operators of deliberately diverting Nigerian crude to offshore trading arms, forcing local refiners to buy back the same resource at inflated prices.
“The crude is available. It is not a matter of shortage. But the companies move everything to their trading arms, and we are forced to buy at a premium. Meanwhile, we do not receive any premium for our own products,” he said.
He revealed that some firms route crude through subsidiaries in Switzerland, adding a $4–$5 per barrel markup that undermines the Petroleum Industry Act (PIA) provision prioritising domestic supply obligations.
Dangote disclosed that he has formally petitioned the Federal Government to calculate royalties and taxes based on the actual price paid for crude, a move that would block revenue leakage and discourage such practices.
Currently, the Nigerian National Petroleum Company Limited (NNPC) supplies five to six cargoes monthly in line with domestic obligations, but the refinery requires up to 20 cargoes from January 2026 to run at full capacity.
“It is shameful that while we exported one point five million tonnes of gasoline in June and July, imported products were flooding the country. That is dumping,” Dangote stated.
Addressing reports that the refinery supplied only 17.08 million litres against national consumption of 56.74 million litres in October 2025, he said exports will continue as long as regulators permit cheaper imported fuel to undercut local production.
To ease pressure during the festive season, Dangote pledged 50 million litres of petrol daily throughout December, totalling 1.5 billion litres, with another 1.5 billion litres planned for January 2026.
He praised President Bola Tinubu’s Nigeria First Policy but called for stronger legislative enforcement to make it binding on all operators.
Dangote projected that Africa’s refining gap – demand of four million barrels per day against capacity below 1.5 million – presents a massive opportunity for Nigeria to lead value addition, create jobs, and drive sustainable growth.
On the national goal of a $1 trillion economy, he said success hinges on consistent policy execution, reliable power supply, and revival of the steel industry.
The 650,000-barrel-per-day Dangote Refinery, Africa’s largest single-train facility, began petrol production in September 2025 and has since positioned Nigeria as a net exporter of refined products while gradually reducing dependence on imported fuel.
