VIDEO: Fuel queue will disappear if…Aliko Dangote

The President and Chief Executive of Dangote Group, Aliko Dangote, has called on the Nigerian National Petroleum Company Limited (NNPCL) and fuel marketers to cease importing fuel, stating that his refinery is ready to meet the country’s needs.

Dangote made this statement on Tuesday while briefing journalists at the State House in Abuja, expressing confidence that his refinery can end the persistent fuel queues across Nigeria.

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Dangote revealed that the estimated daily fuel consumption in the country stands at around 30 to 32 million litres, a demand that he assured could be met by his refinery’s current capacity. He disclosed that the Dangote Refinery already holds a reserve of 500 million litres, which could sustain the country for more than 12 days, even without additional production or imports.

“What I estimated as our daily consumption is about 30-32 million litres. That one we can even start producing by next week. That is not really an issue because as we speak today, we have 500 million litres in our tanks. With that, even if there is no production anywhere or no import, that will take the country more than 12 days,” Dangote stated.

He emphasized the refinery’s readiness to supply the market consistently, noting that his team is ramping up production to maintain a steady supply. He urged NNPCL and marketers to start sourcing their fuel needs locally, highlighting the financial burden of holding such a large reserve.

“We are very ready, we are more than ready, and I am also putting my name on the line that we will be able to supply the market 30 million litres per day, and we are ramping up. So, I am expecting that NNPCL and the marketers should stop importing; they should come and collect what they need. I don’t know if you understand what it means to keep half a billion litres in our tanks; it is costing me money. Every day, if I am to collect money, I can charge 32 percent in interest. That is what I am losing. If they come and collect, then you will not see any queue in the filling stations,” he explained.

Dangote’s remarks come just weeks after the federal government introduced a policy to sell crude oil to his refinery in naira, rather than in US dollars. The government believes this policy will stabilize domestic fuel prices and bolster the naira by reducing reliance on dollars for crude oil transactions.