Aliko Dangote, President of the Dangote Group, revealed plans to expand the storage capacity of his refinery by an additional 600 million litres during the Afreximbank Annual Meetings in Nassau, The Bahamas.
This expansion will bring the total storage capacity of the Dangote Petrochemical Refinery to 5.3 billion litres, up from its current 4.78 billion litres.
Addressing queries about potential reductions in petrol prices due to increased production capacity, Dangote highlighted how the introduction of his diesel had slashed prices from ₦1,700 to ₦1,200 per litre in Nigeria. However, he refrained from committing to similar cuts for petrol, noting government involvement in that decision.
Dangote emphasized the refinery’s strategic importance as a reserve for Nigeria’s petroleum products, a role traditionally absent in the country.
He criticized the importation of “dirty fuels,” which he argued were responsible for health issues like cancer in Nigeria and called for stricter enforcement of quality standards.
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Reflecting on challenges faced during the refinery’s construction, Dangote acknowledged opposition from international oil entities and financial institutions aiming to derail the project. Despite these hurdles, he reported progress in loan repayment, having settled $2.4 billion of the $5.5 billion borrowed.
Furthermore, Dangote discussed future plans to establish a terminal in the Caribbean to supply cheaper energy to the region, underscoring potential economic benefits through enhanced energy accessibility.
In conclusion, Dangote expressed determination to continue his refinery project despite adversities, highlighting its pivotal role in Nigeria’s energy independence and economic growth prospects.
