The President and Chief Executive of Dangote Industries Limited, Alhaji Aliko Dangote, says his refinery has the capacity to surpass the daily fuel needs of the country. To this end, he urged the Nigerian National Petroleum Company Limited (NNPCL) and other fuel importers to stop importation.
The advice, if realised, is expected to save the country several billions of dollars in fuel importation and ease its corresponding strain on the naira.
Dangote disclosed this on Tuesday at the Villa after a meeting with President Bola Tinubu on the naira-for-crude policy.
The Minister of Finance, Wale Edun, and the Group CEO of the NNPCL, Mele Kyari, attended the meeting.
Dangote said he told the President that his refinery is ready to supply over 30 million litres daily with enough supply of crude.
He said the technical committee is doing the work and if there is any issue after that, the Minister of Finance and Coordinating Minister of the Economy will give guidance before it is escalated to the President.
According to him, “At full capacity we can even supply whatever is being consumed because what I estimated as our consumption is about 30-32 million litres which we can even start producing by next week.
“As we speak today. We have 500 million litres in our tanks. With that even if there is no production anywhere or no import that will take the country more than 12 days.
“So, we are more than ready and I am also putting my name on the line by telling Mr President that we will be able to supply the market 30 million per day and we are ramping up”.
Dangote added that, “On the streets what you have to understand is that we are producers. I have a refinery, and I am not in the business of retail.
“If I am in the business of retail you can hold me responsible, but what I am 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”.
He said he is expecting that the NNPCL and the marketers will stop importing, adding that he was losing money keeping product in tanks.
“I don’t know if you understand what it means to keep half a billion litres in our tanks, it is costing me money. Everyday if I am to collect money I can charge 32 percent in interest.
“That is what I am losing, and you are talking about 500 billion. If they come and collect then you will not see any queue in the filling stations”.
He said coming to the refinery to lift fuel should not be difficult since the NNPCL and other marketers have been doing that with importation.
“We have what it takes for them to come and collect, we are not retailers and we don’t have trucks, but we have a factory where we can load, come and pick and distribute and they have been doing that with importation.
“Since they have been doing that with importation I see no reason why they should not come and collect and distribute”, he stated.
