Alhaji Aliko Dangote, President of the Dangote Group, revealed that the Dangote Petroleum Refinery, located in Lekki, Lagos State, currently holds over 500 million litres of petrol in its reservoir, with enough production to meet both local consumption and export demands. During a tour of the $20 billion facility, Dangote emphasized that the refinery is on track to reach a production capacity of 650,000 barrels per day by next month, stating that Nigeria’s domestic needs do not even require half of the refinery’s output. He also highlighted the refinery’s current stock of N600 billion in refined products like gasoline, diesel, and kerosene.

Dangote also assured that the refinery is poised to ramp up its production, with arrangements being made to secure enough crude oil for full-scale operations. He underscored the refinery’s advanced fuel quality, claiming it can produce fuel with a sulphur content as low as zero parts per million and an octane rating of 95, surpassing the quality standards of refineries in both Africa and Europe. His refinery’s ability to meet international fuel standards positions it as a key player in global energy production. However, Dangote acknowledged that, in some regions, the refinery’s extensive production could create market challenges for competitors, particularly in Europe, where several refineries are closing due to the competitiveness of Dangote’s output.

Locally, Dangote stated that 40 percent of the refinery’s production would be dedicated to meeting Nigeria’s needs, with the remaining 60 percent earmarked for export, especially across Africa. He also mentioned that his company is collaborating with Afreximbank to address challenges related to financing and letters of credit, ensuring that most of the products are sold within the African continent.

The refinery’s strategic location by the sea offers it a logistical advantage, allowing for daily production of 104 million litres of different petroleum products. This includes 57 million litres of petrol, 20 million litres of jet fuel, and 37 million litres of diesel. Dangote emphasized that the refinery is currently operating at 85 percent of its full capacity, with ample storage for fuel, including tanks for petrol, diesel, aviation fuel, and crude oil. He also mentioned that the refinery’s output significantly exceeds the local consumption of petroleum products, which is approximately 46 million litres per day.

Meanwhile, the Zambian Minister for Energy, Makozo Chikote, visited the Dangote refinery to explore potential collaborations aimed at addressing Zambia’s energy security issues. He highlighted Zambia’s reliance on Dar es Salaam, Tanzania, for fuel supplies and expressed interest in Dangote’s refinery as a solution for more competitive, reliable, and affordable fuel. Chikote emphasized the need for private sector participation in Zambia’s energy sector and noted the challenges the country faces due to its heavy dependence on hydropower, which has been impacted by a recent drought. He underscored that bringing Dangote on board would help Zambia address these challenges and improve competition in the energy sector, ultimately benefiting the nation’s economy.