Aliko Dangote, President of the Dangote Group, has officially presented the first sample of Premium Motor Spirit (PMS), commonly known as petrol, produced by his state-of-the-art refinery. The presentation took place on Tuesday during a broadcast from the refinery, located in the Ibeju-Lekki area of Lagos State.
The 650,000 barrels per day refinery, the largest in Africa, is currently undergoing a test run of its facilities, marking a significant milestone in Nigeria’s quest for energy self-sufficiency.
In his address, Dangote expressed his gratitude to the people of Nigeria and commended President Bola Tinubu’s administration for fostering an environment conducive to growth and development. He particularly praised the government’s innovative approach of exchanging crude oil for naira, a policy aimed at stabilizing the local currency.
“I would like to salute the people of Nigeria and the government of President Bola Tinubu for giving us the platform for growth, development, and prosperity. I also want to thank him personally for creating the idea of the Naira for crude. Doing that will give Naira stability,” Dangote stated.
He emphasized that the refinery’s operations would provide accurate data on Nigeria’s true petrol consumption, enhancing transparency in the energy sector. “As we have this refinery working, it will show the true consumption of Nigeria; we can track every loaded truck and ship,” he added.
Dangote also highlighted the refinery’s potential to not only meet the energy demands of Nigeria but also to serve the broader sub-Saharan African region, positioning it as a critical player in the continent’s energy landscape.
The Dangote Refinery, a $19 billion investment, is poised to significantly reduce Nigeria’s reliance on imported petroleum products, a development that could lead to substantial savings in foreign exchange and boost the nation’s economy. As the refinery prepares to commence full-scale operations, it is expected to transform the oil and gas sector in Nigeria and beyond.
