Why Nigeria doesn’t need to import petrol — Dangote
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, has condemned the crude supply practices employed by international oil companies, asserting that there is no reason for Nigeria to import crude or refined petroleum products if existing regulations are enforced properly.
During a visit from the South South Development Commission to the Dangote Petroleum Refinery and Fertiliser Complex in Lagos, Dangote remarked that the Petroleum Industry Act provides a framework that favors domestic crude supply. However, he pointed out that operators continue to take advantage of loopholes that compromise the law's original purpose.
Dangote indicated that multiple oil companies frequently redirect Nigerian crude to their trading subsidiaries overseas, particularly in Switzerland, which compels local refineries to purchase from these foreign entities at a premium of four to five dollars per barrel.
He expressed: “The crude is available. The issue is not a lack of supply. But these companies direct everything to their trading arms, leaving us with no choice but to buy at a premium. In contrast, we do not receive any premium for our products.”
He shared that he has formally contacted the Federal Government, advocating for royalties and taxes to be calculated based on the actual price paid for crude, to avert revenue losses and deter practices that are detrimental to local refiners.
Dangote mentioned that NNPC continues to be the main supplier fulfilling the obligations for domestic supply, delivering five to six cargoes per month. Nonetheless, he noted that the refinery needs as many as twenty cargoes monthly from January to function at its best.
Describing the current scenario as “unsustainable for a nation aiming for genuine industrial development,” Dangote contended that Africa’s economic future relies on value addition instead of continuous raw material exports.
He remarked: “It is disgraceful that while we exported one point five million tonnes of gasoline in June and July, imported products continued to pour into the country. That is dumping.”
In response to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stating that the refinery provided only 17.08 million litres of the 56.74 million litres consumed in October 2025, Dangote noted that the refinery will export its products if regulators continue to allow dumping by marketers.
Dangote assured that the refinery would supply 50 million litres of petrol daily throughout the Yuletide season, targeting a total of 1.5 billion litres for December 2025 and another 1.5 billion litres for January 2026.
He praised President Bola Tinubu’s Nigeria First Policy while emphasizing the necessity for legislative support to enhance the policy's effectiveness. He stated that the president is dedicated to positioning Nigeria as a forerunner in Africa’s shift from raw material exports to value-added production, job creation, and sustainable economic growth.
Dangote elaborated that the company’s expansion strategy aligns with Africa’s rapidly increasing demand for petroleum products, which is projected to be around four million barrels per day, while the regional refining capacity remains below one and a half million barrels.
Addressing Nigeria’s goal of reaching a one trillion-dollar economy, Dangote asserted that this objective is achievable through disciplined policy implementation, enhancements in power generation, and revitalizing the steel sector.
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