Aliko Dangote, founder and CEO of the Dangote Group, announced on Tuesday in Abuja that his refinery currently holds over 500 million liters of petrol, sufficient to meet Nigeria’s demand if retailers source from it. He questioned why both the state-owned Nigeria National Petroleum Company Limited (NNPC) and private marketers continue to import fuel, despite the refinery’s capacity to supply adequate quantities locally. “I expect NNPC Ltd and the marketers to stop importing and instead come to collect what they need,” Dangote stated.
“I’m not sure if you understand the expense involved in keeping half a billion liters in our tanks—it’s costing me money,” said Mr. Dangote. He did not specify how long the 500 million liters of petrol had been refined and stored at his 650,000 barrels-per-day refinery.
However, according to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as reported by PREMIUM TIMES, the refinery was unable to meet the volume of petrol requested by NNPC Ltd over a three-week period. The Dangote Evacuation Report, reviewed by the newspaper, shows that from September 15 to October 5, the refinery delivered only 148 million liters of petrol instead of the expected 575 million liters.
Following a meeting with President Bola Tinubu on Tuesday, Mr. Dangote told State House Correspondents that his refinery has ample petrol supplies, but marketers have not been collecting it.
He stressed that, as a producer, the refinery is not responsible for any fuel shortages, as it does not manage distribution.
“Yes, we have a steady supply of crude and can produce well above 30 million liters daily. At full capacity, we could meet all domestic demand. Currently, we have 500 million liters stored in our tanks. Even without additional production or imports, this stock alone could keep the country supplied for over 12 days,” Dangote stated.
“We are fully prepared. I’ve assured the President that we can consistently supply at least 30 million liters per day, and we’ll gradually increase production. We’re ready—more than ready,” he added.
When questioned about the apparent scarcity of petrol despite his refinery’s reported capacity, Dangote responded, “You need to understand that we are producers; I run a refinery, not a retail operation. If I were in retail, then I would be responsible. But as it stands, the retailers need to come and collect. If they don’t, what do you expect me to do? NNPC and other marketers shouldn’t be importing—they should come here because we have the supply they need. As they pick up, I will keep pumping.”
He added, “Maintaining half a billion liters in our tanks costs me money every day. If I could recover that in naira, I’d charge interest at 32 percent—that’s my daily loss. We’re talking about 500 million liters here; we don’t print money. But if they come to collect, we wouldn’t see these queues at the filling stations. We have the facilities for them to load up. We’re not in retail, and we don’t have the trucks to transport it. We’re a refinery with the supply ready for pickup. If they are collecting imported fuel, which reportedly reaches 55 million liters, then there’s no reason they can’t come and collect our supply and distribute it.”