Otedola lauds President Tinubu’s role in Dangote Refinery

Billionaire businessman Femi Otedola has commended Nigerian President Bola Tinubu following the official commencement of fuel loading at the Dangote Refinery on Sunday, 15 September 2024.

In a statement shared via social media, Otedola praised the administration’s efforts in facilitating the operationalization of the refinery, describing it as a pivotal moment for Nigeria’s energy sector.

“Fuel queues are now a thing of the past as Dangote Refinery starts loading PMS today(Sunday),” Otedola remarked, crediting Tinubu for his leadership in driving this long-anticipated development.

 

The Dangote Refinery, Africa’s largest, with a capacity of 650,000 barrels per day, is a strategic project aimed at reducing Nigeria’s reliance on costly fuel imports. The commencement of operations is expected to stabilize domestic fuel prices, enhance the availability of petroleum products, and bolster the country’s balance of trade. Otedola’s comments reflect growing optimism within the business community that President Tinubu’s policies are fostering a more favorable environment for private sector-led growth.

What you should know

The Nigerian National Petroleum Corporation Limited (NNPC) has officially begun lifting refined petrol from the Dangote Petroleum Refinery, as announced on Sunday, 15 September 2024, via a tweet on the official X (formerly Twitter) account of the Dangote Group. This marks a key milestone in the refinery’s operational activities, underscoring its role in enhancing Nigeria’s fuel supply chain.

According to Femi Soneye, Chief Corporate Communications Officer of NNPC Ltd, at least 300 trucks were stationed at the refinery’s fuel loading gantry in preparation for the distribution of petrol to NNPC. This milestone is set to reshape the dynamics of Nigeria’s domestic petrol supply and alleviate the fuel shortages that have long troubled the country.

In an additional development, the Dangote Refinery has announced plans to transport 75% of its local petroleum product supply via sea routes, targeting key locations such as Warri, Port Harcourt, and Calabar, despite having the capacity to load 83% of its products by road. According to Devakumar Edwin, Vice President of Oil & Gas at Dangote Industries Limited, this strategic shift aims to reduce the higher costs associated with road distribution. Edwin made these remarks while speaking with *Arise News* during the refinery’s distribution of Premium Motor Spirit (PMS) on Sunday.

Furthermore, another significant milestone is expected in two weeks, with the federal government finalizing agreements for the sale of crude oil to local refineries in Naira. This, alongside the commencement of refined petroleum product distribution, reflects the government’s broader strategy to strengthen the local energy sector and reduce foreign currency exposure.