Breaking News: Nigeria’s Fuel Consumption to be Transparently Monitored with New Refinery
For the first time, Nigerians will have a clear understanding of their country’s actual fuel consumption, thanks to the world’s largest single-train refinery, officially launched by Aliko Dangote, President of Dangote Group. The refinery, with a capacity of 650,000 barrels per day, is set to revolutionize Nigeria’s fuel industry, reducing fuel imports, saving foreign exchange, and contributing to a more stable naira, lower inflation, and reduced cost of living.
Speaking at the refinery’s launch in Ibeju-Lekki, Lagos, Dangote praised President Bola Ahmed Tinubu for creating an environment that made the successful launch possible. He emphasized that the refinery will boost Nigeria’s industrial and manufacturing sectors, transforming not only Nigeria but also the entire Sub-Saharan Africa.
The new refinery will provide a transparent view of true fuel consumption, allowing the government to track every loaded truck and monitor loaded ships, determining consumption patterns with precision. This will address issues like "round-tripping," where fuel is documented but doesn’t actually enter the country.
Dangote showcased a sample of the Premium Motor Spirit (PMS), commonly known as petrol, highlighting its high quality, which can match any premium standard worldwide. The refinery will also produce petrochemicals, including polypropylene, and will meet all local demands starting in October.
The Nigerian National Petroleum Corporation Limited (NNPCL) will be responsible for controlling petrol pump prices, with Dangote ensuring a steady supply of fuel from the refinery. He concluded, "Today is a momentous occasion because Nigeria has not produced petrol for many years. This development will provide energy for our nation’s growth, development, and prosperity."
The successful launch of this refinery marks a significant turnaround for Nigeria, ending years of not producing a single litre of petrol domestically. With this milestone, Nigeria is poised to become a major player in the global fuel market, providing a new era of energy security and economic growth for its citizens.
