The Chief Executive Officer of Dangote Refinery, Aliko Dangote, has announced that with the refinery’s commencement of gasoline production, Nigeria is now equipped to accurately track its daily petrol consumption.
Dangote made this disclosure in a statement during a press briefing on Tuesday at the petrochemical plant in Lagos.
Dangote said the refinery will put an end to round-tripping and false documentation of imported petrol into the country.
According to him, the $19 billion refinery will monitor every single truck and shipment loaded with petrol as well as the consumption patterns of Nigerians.
“As you know, there is quite a lot of what you call round-tripping whereby people now do documentation and the fuel is not coming to Nigeria. And this is a fact.
“Right now, as we have this refinery working, it will show the true consumption of Nigeria. We can track every single loaded trucks. And we will try as much as possible to track the loaded ship.
“We can tell you where the trucks will be. We can tell you the consumption pattern etc,” Dangote said.
Refinery to slash FX demand by 40 percent
Speaking further, Dangote said the arrangement of federal executive council (FEC) to supply Dangote refinery crude oil in local currency will slash the foreign exchange demand by at least 40%.
As a result, the CEO expressed a heartfelt gratitude to President Bola Tinubu and his administration for providing such strategy in ensuring energy security in the country.
“I want to personally also thank Mr. President for creating this idea of Naira for Crude and also Naira for the product. This will give a lot of stability for the Naira because you remove 40% of the demand of the dollars in the market. That’s not only it.
“Today’s discussion is only to thank God almighty for bringing us into this period of now producing gasoline. I know that a lot of people think we won’t be able to deliver. But we’ve been able to deliver,” Dangote added.
What you should know
Nairametrics had reported that Dangote refinery is set to roll out first shipment of petrol today following the completion of the testing phase of its products on Monday.
The CEO of the refinery, Aliko Dangote, is present at the plant today to witness the grand unveiling of the petroleum products following months of delays and glitches.
The commencement of petrol production by Dangote Refinery represents a landmark achievement in Nigeria’s oil and gas industry, as the nation, historically dependent on petrol imports, moves towards greater self-sufficiency.
With a production capacity that surpasses domestic needs and enables exports to neighboring countries, Dangote Refinery is set to eliminate Nigeria’s reliance on imported petrol.