Alhaji Aliko Dangote, President of Dangote Refinery, has announced plans to frustrate the importation of fuel into Nigeria. Dangote made this statement in response to importers allegedly neglecting his products in favor of foreign markets. He stated that he would increase the number of Compressed Natural Gas (CNG) trucks supplying products to retailers across the country, from 4,000 to 8,000, if necessary.
Dangote’s $20 billion investment in the refinery is a significant venture, and he is taking measures to ensure its survival. Speaking at a press briefing in Lagos, he emphasized that a business of such magnitude cannot be allowed to fail. The refinery, being the largest in Africa, plays a crucial role in the continent’s energy landscape.
The move is part of an ongoing effort to promote the use of locally refined products and reduce reliance on imports. Dangote noted that he is also losing money due to the current situation, but his primary concern is not personal profit, rather the desire of marketers to continue importing fuel. He expressed his willingness to compete with importers in the market, stating that if they want to import fuel, they can continue to do so, and he will meet them in the market.
The development comes as the Nigerian energy sector continues to evolve, with a focus on increasing local refining capacity and reducing dependence on imported petroleum products. Dangote’s refinery has the potential to significantly impact the sector, and his efforts to promote its products could have far-reaching implications for the industry. As the situation unfolds, it remains to be seen how the dynamics between local refining and importation will play out, and what impact this will have on the Nigerian energy market.
