Aliko Dangote, chairman of Dangote Industries Limited, has officially announced the commencement of petrol production at his refinery. Dangote announced the milestone at a news conference on Tuesday, showcasing a bottle of the product, also known as premium motor spirit (PMS).....CONTINUE READING THE ARTICLE FROM THE SOURCE
The 650,000 bpd capacity refinery began operations in January with the production of diesel and aviation fuel.
Dangote said the petrol from the plant can compete with products from other parts of the world in terms of quality.
The billionaire attributed the refinery’s success to the “conducive environment” created by the government under President Bola Tinubu. “Today is a very special day, which I think Nigeria has not produced petrol, which is gasoline, for many years but I stand with you today,” Dangote said. “I would like to salute the people of Nigeria and the government of President Ahmed Tinubu for creating the environment for us to thrive and also achieve this monumental task of giving energy to our people for growth, development and prosperity.” Dangote highlighted the positive impact of Tinubu’s initiatives, particularly the “naira for crude” policy, which he believes would stabilise the naira by reducing the demand for dollars by 40 percent. He also addressed the issue of round-tripping in the oil industry, where false documentation leads to petrol shortages. Dangote said the refinery’s operations, would facilitate a precise tracking of petrol consumption across Nigeria, offering a solution to this problem. “As we have this refinery working, it will show the true consumption of Nigeria,” he said. “We can track every single loaded trucks and we will try as much as possible to track the loaded trucks, we can tell you where they are.” Dangote, while stressing on quality, said the petrol from his plant, meets global standards. “You will not be having an engine issue which a lot of us were having. It won’t happen at all,” the businessman said. “So the quality here will match that of quality anywhere in the world. We will make sure that nobody will beat us in terms of quality.” The DIL chairman said the refinery is completing final arrangements with the Nigerian National Petroleum Company (NNPC) Limited, after which its products will be available in the market. Dangote said this development is expected to significantly restore Nigeria’s manufacturing and industry sector and contribute to real import substitution, saving the nation valuable foreign exchange (FX) and helping to stabilise the naira. “This will help bring down inflation and reduce the cost of living,” he added.
NIGERIA WILL NOT IMPORT POLYPROPYLENE FROM OCTOBER
The chairman also assured that Nigeria would soon be self-sufficient in polypropylene production. Polypropylene is a substance used in the production packaging materials, and plastics. He said industries that previously struggled with importation delays and the need to maintain large inventories would now have consistent access to locally produced polypropylene, reducing their costs and easing operations.
