Aliko Dangote has officially released samples of petrol from his Lagos refinery, marking a step toward stabilising the naira by addressing currency value distortions.
On Tuesday, Aliko Dangote released official samples of petrol from his newly established refinery in Lagos, a significant move expected to stabilise the naira by correcting distortions in its value relative to the dollar.
The 650,000 barrels per day facility is anticipated to serve Nigeria’s market and eventually export to West Africa and beyond.
During a live programme on Arise Television, Dangote described the development as historic, emphasising that the refinery will allow for accurate tracking of Nigeria’s petrol consumption, as every loaded truck can be monitored. He lauded President Bola Tinubu for his unwavering support in bringing this project to fruition.
Nigeria has not produced Premium Motor Spirit (PMS), commonly known as petrol, in the last 28 years due to the breakdown of its four official refineries in Port Harcourt, Warri, and Kaduna.
Despite significant spending on turnaround maintenance, these refineries failed to resume operations, forcing the country to import over $10 billion worth of petrol annually to meet the demands of its 200 million citizens.
During the interview, Dangote underscored the importance of this achievement, noting that Nigeria has faced fuel scarcity since 1974, an issue he believes will soon be a thing of the past. He also showcased samples of Euro 5 petrol and diesel, the first in Nigeria, highlighting their low sulphur content, which will prolong engine life and reduce environmental pollution.
Dangote further explained that the new refinery will play a crucial role in stabilising the naira by reducing the demand for dollars in the market by 40%.
Additionally, it will help curb round-tripping by ensuring that fuel transactions are genuine, with all loaded trucks and ships being meticulously tracked.
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