Aliko Dangote, the Chairman of Dangote Refinery, called on the Nigeria National Petroleum Company Limited (NNPCL) and other fuel importers to cease their importation of fuel products.
He emphasized that the country has a substantial reserve of fuel, with over 500 million liters currently stored in the refinery’s tanks. His remarks come amid ongoing fuel shortages that have led to long queues at gas stations across Nigeria.
Speaking to reporters after a meeting with President Bola Tinubu, Dangote explained that the existing fuel reserves should be sufficient to meet the local demand if marketers are permitted to purchase fuel directly from the refinery.
In his words: “Yes, with enough supply of crude, we can actually produce much more than 30 million liters every day.
“At full capacity, we can even supply whatever is being consumed. But what I estimated as consumption, which, I believe, maybe about 30, 32 million; that one we can even start producing by next week. So it is not really an issue, because, as we speak today, we have 500 million liters in our tanks.
“So 500 million liters in our tanks; even if there’s no production or no imports, this will take the country more than 12 days. So we are very ready. We are more than ready.
“And you know, I’m also putting my own name on the line by giving Mr President my word that, yes, we will be able to supply the market a minimum 30 million per day, and we’ll be ramping up. So we’re ready. We’re more than ready.”
Reminded that the reality on the ground does not show that Dangote Refinery has enough fuel that would last for 12 days, because there is scarcity of the product, he said: “Well, one thing that you have to understand is that we are producers.
“I have a refinery. I’m not in the business of retail. If I’m in the business of retail then you hold me responsible. But what I’m saying is that the retailers should please come forward and pick.
“If they don’t, come forward and pick, what do you want me to do? So, I am expecting either NNPC or the marketers to stop importing, they should come and pick because we have what they need.
“And you know, as they removed, I will be pumping. I don’t know whether you understand what it takes to keep half a billion liters inside our tank. It’s costing me money every day.
“If I will be able to collect the naira, I can actually charge somebody 32% in interest. So right now, that’s what I’m losing. And you are talking about 500 million, I mean, we don’t print money. But the issue is that if they come and collect, then you will not see any queues in the filling stations.
“We have what it takes for them to come and collect. We are not retailers. We also don’t have trucks to send. We have a factory, we have where they can load.
“If they come and pick they will go and sell and they have been doing that with importation. So if they’ve been doing that with importation, if it’s true, they are doing 55 million, I see no reason why they won’t come and collect our own and distribute.”
