Billionaire businessman Femi Otedola has praised Nigerian President Bola Tinubu following the official commencement of fuel loading at the Dangote Refinery on Sunday, September 15, 2024.
In a statement on social media, Otedola applauded the government’s efforts in operationalising the refinery and called it a landmark moment for Nigeria’s energy sector.
“Fuel queues are now a thing of the past as Dangote Refinery starts loading PMS today,” Otedola said, crediting President Tinubu’s leadership in pushing forward this long-awaited development.
The Dangote Refinery, the largest in Africa with a capacity of 650,000 barrels per day, is a vital project to reduce Nigeria’s dependence on expensive fuel imports. With its operations beginning, the refinery is expected to stabilize domestic fuel prices, increase the availability of petroleum products, and strengthen Nigeria’s trade balance. Otedola’s comments reflect confidence in President Tinubu’s policies and their positive impact on private sector-driven growth.
What You Should Know
The Nigerian National Petroleum Corporation Limited (NNPCL) officially began lifting refined petrol from the Dangote Petroleum Refinery on Sunday, September 15, 2024. The Dangote Group confirmed this milestone via a post on its official X (formerly Twitter) account. The start of operations underscores the refinery’s crucial role in improving Nigeria’s fuel supply chain.
Femi Soneye, NNPCL’s Chief Corporate Communications Officer, noted that at least 300 trucks were positioned at the refinery’s fuel-loading gantry, ready for the distribution of petrol. This event is expected to significantly improve Nigeria’s domestic fuel supply and end the country’s long-standing fuel shortages.
In addition, the Dangote Refinery announced plans to distribute 75% of its local petroleum supply via sea routes to key cities like Warri, Port Harcourt, and Calabar. While the refinery can distribute 83% of its products by road, this shift to sea transportation aims to cut costs associated with road logistics. Devakumar Edwin, Vice President of Oil & Gas at Dangote Industries Limited, revealed this strategy during an interview with Arise News at the refinery’s PMS distribution event.
Another key development is expected within two weeks as the federal government finalizes agreements for selling crude oil to local refineries in Naira. This move, alongside distributing refined petroleum products, is part of the government’s broader plan to strengthen Nigeria’s energy sector and reduce reliance on foreign currency.
