Aliko Dangote, Africa’s second-richest man, has attributed the success of producing Premium Motor Spirit from his 650,000 barrels per day refinery to the innovative approach of selling crude oil to his firm in naira. At the unveiling ceremony of the refinery’s new product in Lagos, Dangote expressed his gratitude to the Nigerian government, particularly President Bola Ahmed Tinubu, for creating an enabling environment that facilitated this achievement. He emphasized the significance of the naira sale of crude and products in reducing foreign exchange pressure, which will stabilize the market and eliminate roundtripping.

Dangote acknowledged the government’s initiative to make available 450,000 barrels of crude oil for local consumption, to be sold in naira to Nigerian refineries, with his refinery being the first beneficiary. He noted that this approach will remove 40% of the demand for dollars in the market, thereby stabilizing the naira. The billionaire businessman also expressed his appreciation for the Nigerian National Petroleum Company Ltd’s (NNPCL) commitment to providing four shipments of crude oil annually, valued at $13.5 billion, to support the refinery’s operations.

Dangote emphasized the importance of government support in achieving this milestone, stating that without their backing, the refinery’s success would not have been possible. He assured that once the final arrangements with NNPC are concluded, the refinery’s products will be released into the market, marking a significant step towards Nigeria’s energy self-sufficiency. The unveiling ceremony showcased the refinery’s new product, a testament to Dangote’s vision and the government’s support in transforming Nigeria’s energy landscape.