Dangote Petroleum Refinery, the largest single-train refinery globally, has achieved another significant milestone by successfully exporting two cargoes of jet fuel to Saudi Aramco, the world's leading oil producer. This marks not just an achievement for the Dangote Group but also for Nigeria as it aims to solidify its position on the global oil market.
During a recent visit from the Nigerian Economic Summit Group (NESG) to the Dangote facilities located in Ibeju Lekki, Lagos, Aliko Dangote, the President of the Dangote Group, proudly announced the development. He emphasized the refinery's commitment to world-class standards and cutting-edge technology as key factors enabling the export.
“We are reaching the ambitious goals we set for ourselves, and I’m pleased to announce we’ve just sold two cargoes of jet fuel to Saudi Aramco,” he declared. The achievement is particularly remarkable considering the refinery began producing oil products only this year, 2024.
The refinery is currently operating at an impressive output of 550,000 barrels per day, and it has been framed as instrumental to Nigeria’s aspirations of becoming self-sufficient and less reliant on oil imports. NESG Chairman Mr. Niyi Yusuf commended Dangote’s initiative, stressing the need for similar investments to realize Nigeria's goal of achieving a $1 trillion economy.
“To achieve a $1 trillion economy, much of this must come from domestic investments,” Yusuf stated during the visit. He highlighted Dangote’s efforts as monumental for the country's future, saying, “You’ve dredged 65 million cubic tonnes of sand to create a future for the country.” His remarks resonate deeply, illustrating the extensive work undertaken to construct the refinery and surrounding infrastructures.
Yusuf expressed optimism about the potential of local industries to spur economic growth, particularly emphasizing the importance of fostering small and medium enterprises (SMEs). He pointed out the alarming reality of Nigeria relying heavily on foreign products, sharing his concern over the nation becoming a dumping ground for imports. “It’s inconceivable…that...a nation of over 230 million people…is still dependent on imports to feed its citizens,” he lamented.
His praise for Dangote extended to highlighting the refinery's role as part of a broader vision for turning Nigeria from being merely a net importer of petroleum products to becoming a net exporter. “We’ve all read Think Big, but this is truly about thinking big,” he remarked, underscoring the transformative potential of strategic investments.
Throughout the tour, Yusuf, along with other NESG board members, witnessed firsthand the level of investment and sophistication within the operations of the refinery and the fertiliser plants. He noted the advancement brought by young Nigerian engineers operating world-class laboratories and control units.
Dangote reiterated the private sector's pivotal role in national development, stating, “Nigeria’s challenges could largely be overcome by providing gainful employment to its people.” He emphasized the need for local industries to resist the free-market pressures of imports and instead focus on developing domestic capabilities.
Drawing attention to the example of the Benin Republic, where cement imports are restricted to protect local industries, he argued against Nigeria's import dependency. “The President is a personal friend, and my Ibese plant is just 28km from Benin,” he explained. “Yet they refuse to allow imports to protect their local industries.”
Highlighting the challenges of establishing industries within Nigeria, Dangote pointed to the substantial capital investment needed and the lack of infrastructural support from the government. He cautioned investors often find themselves shouldering responsibilities for services such as power and roads, which should primarily fall under government purview.