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Nigeria to stop petrol importation in June – Dangote

"Right now, 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 anything like gasoline; not one drop of a litre"

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The Chairman of the Dangote Group, Alhaji Aliko Dangote, has said that importation of petrol into Nigeria will end by June

The business mogul said Dangote Refinery has the capacity to cater to Nigeria’s premium motor spirit (PMS) demand and, by extension, the whole of West Africa by June.

He also pointed out that the refinery has already started supplying diesel and aviation fuel in Nigeria, with enough gasoline to supply at least the entire West Africa and diesel to supply West Africa and Central Africa.

The richest man in Africa spoke as a panellist at the Africa CEO Forum Annual Summit in Kigali on Friday.

He said: “Right now, 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 anything like gasoline—not one drop of a litre.

Highlighting how far the oil company has come, Dangote said they are focused on ensuring that the continent will depend less on importation in the near future.

Dangote said: “We have enough gasoline to give to at least the entire West Africa, and diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico.

“Today, our polypropylene and our polyethene will meet the entire demand of Africa, and we are doing base oil, which is like engine oil; we are doing linear benzyl, which is a raw material to produce detergent. We have 1.4 billion people in the population; nobody is producing that in Africa.

“So, all the raw materials for our detergents are imported. We are producing that raw material to make Africa self-sufficient.

“As I said, give us three or a maximum of four years, and Africa will not, I repeat, not import any more fertilizer from anywhere. We will make Africa self-sufficient in potash, phosphate, and urea; we are at three million metric tonnes, and in the next twenty months, we will be at six million tonnes of urea, which is the entire capacity of Egypt. We are getting there.”

Dangote recalled how his dream for further investment in Africa as well as ending fuel importation in Africa has culminated in what is now one of the biggest refineries in the world.

“For some of us, despite the boom of the capital market in the US—you know, Google, Microsoft, and the rest—we didn’t participate; we took all our money and invested in Africa.

“We had this dream just about five years ago, and we said we wanted to move from five billion dollars in revenue to thirty billion dollars in revenue, and we made it happen. It is possible, and now we have made it happen, and now we have finished our refinery.

“Our refinery is quite big; it is something that we believe Africa needs. If you look at the whole continent, there are only two countries that don’t import petroleum products, which is a tragedy.

“They are only Algeria and Libya. The rest are all importers. So, we need to change and make sure that we don’t just go and produce raw materials; we should also produce finished products and create jobs.

Speaking further, Dangote said:“One of the things we also need to know as Africans is that we produce raw materials and export them. When you export raw materials, somebody now keeps importing things into your continent and dumping goods. What you are importing is poverty and exporting jobs. So, we have to change that narrative.

“We just commissioned in February, and now we are producing jet fuel, we are producing diesel, and by next month, we will be producing gasoline.

“What that would do is that we would be taking most of the African crude that is being produced and also be able to supply not only Nigeria because our capacity is too big for Nigeria, but it would also supply West Africa, Central Africa, and also South Africa.

“We have 650,000 barrels per day, 1 million tonnes of polypropylene, and 590,000 metric tonnes of carbon black—that is, the raw materials—ink, dyes, and co. We are expanding more.

“This is the first phase, and we are going out to the next phase, which will start early next year.”

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