Aliko Dangote, Chairman of the Dangote Group, assured President Bola Tinubu on Tuesday that the Dangote Refinery is ready to supply Nigeria’s domestic fuel needs, offering approximately 30-32 million liters daily. The announcement was made during a meeting with the Crude Oil and Refined Products Sales in Local Currency Implementation Committee at the Presidential Villa, Abuja, with key stakeholders including Finance Minister Wale Edun, NNPC CEO Mele Kyari, and CBN Governor Yemi Cardoso in attendance.

According to Dangote, his refinery can provide immediate fuel solutions for the nation, currently holding 500 million liters in its storage tanks—enough to sustain local demand for 12 days without imports or additional production. “Our refinery is more than capable of supplying local consumption levels, and we are fully prepared to meet this demand consistently,” he said, encouraging oil marketers to shift from imports and utilize the refinery’s existing reserves.

He highlighted the financial burden of storing half a billion liters, noting that the company could charge 32% in interest on funds tied up in stored fuel. “Every day we hold these reserves costs us money, and the queues at filling stations would disappear if marketers sourced locally,” he remarked.

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In addition to discussing fuel supply, Finance Minister Edun outlined the government’s plan to implement local currency transactions for crude oil, which aims to stimulate Nigeria’s economy by retaining revenue within the country. “This initiative enables the private sector to refine oil locally, providing raw materials across agriculture, industry, and manufacturing sectors. This aligns with President Tinubu’s vision to create a self-sufficient economy driven by private investment and job creation,” Edun explained.

The strategy, focused on empowering local refining and reducing dependence on imports, aims to bolster the national economy by creating industrial resources for chemicals, construction materials, textiles, and other sectors, thus ensuring a robust supply chain within Nigeria.