A-list Nigerian businessman, industrialist and Chairman of the Dangote Refinery and Petrochemical Company Limited, Aliko Dangote, has emphasized the need for Nigeria to enhance its crude oil production capacity and effectively manage its crude supply to ensure adequate feedstock for domestic refineries in order to transit from a net importer to a net exporter of petroleum products.
He made this submission in his keynote address at the Crude Oil Refinery Owners Association of Nigeria, CORAN summit that held in Lagos.
Dangote Opined that Nigeria’s potential is a refining hub, he expressed concern about the fact that Africa imports about 3 million barrels of petroleum products daily despite producing over 3.4 million barrels of crude oil per day, adding that the imports, primarily from Europe, Russia, and other regions, were estimated to cost approximately $17 billion in 2023.
“Both the crude oil and the petroleum products will travel shorter distances. The logistics costs of floating storage will be eliminated, and countries can purchase their petroleum product requirements just in time.
”Nigeria and Africa can become completely self-sufficient, and we can keep all the value on our shores. We have done it in cement, and we can certainly do it for petroleum products.
“It is worth noting that the Dangote Refinery already produces sufficient diesel and jet fuel to meet Nigeria’s demand. We recently started the production of PMS and will soon ramp up to meet Nigeria’s needs.
”Our refined products have been exported to diverse markets, including Europe, Brazil, the UK, the USA, Singapore, and South Korea”.
