Aliko Dangote, president, Dangote Group, says the era of fuel queues during yuletide is gone, assuring that increased output from his refinery will fully meet national demand.

He gave the assurance on Friday while speaking with State House Correspondents after what he described as a routine meeting with President Bola Tinubu at the State House, Abuja.

Mr Dangote said the refinery had notified the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of its ability to supply 50 million litres of petrol daily, surpassing national consumption needs.

He said, “Historically, Nigeria has battled fuel queues since 1972. For the first time, we are eliminating those queues, not through imports but by producing locally.

“Even when we were servicing the refinery, there were no queues. I can assure you that queues are now history.”

Mr Dangote added that neighbouring countries would also benefit, noting that by February 2026, the refinery would supply 15 to 20 million litres above Nigeria’s consumption.

He added, “So, we must export. Even our neighbours won’t experience queues because they can buy from us.”

Mr Dangote highlighted gains for domestic manufacturers, especially in the plastics sector, which previously spent up to 400 million dollars yearly on imported feedstock.

He said the refinery’s long-term plan included expanding to 1.4 million barrels per day by 2028, overtaking India’s Reliance refinery, currently the world’s largest at 1.25 million barrels daily.

“We have already signed the necessary agreements. Construction piling begins before the end of January, and we will deliver on schedule,” the business mogul said.

He also disclosed plans to raise urea production to 12 million tonnes yearly, positioning Nigeria ahead of Russia and Qatar as the world’s biggest producer.

Mr ‎Dangote added,  “Our goal is to use our fertiliser company to supply the entire African continent.”

Responding to questions on the recent drop in petrol and diesel prices, he attributed it to increased competition and reduced smuggling.

He said, “Prices are going down because we must compete with imports. Luckily, smuggling has dropped significantly, though not completely.”

Mr Dangote stressed that the refinery was built for long-term value, not short-term profit.

He added, “We’re not here to recover 20 billion dollars overnight; this is a long-term investment.

“The legacy I want to leave is that whatever Nigerians need – fuel, fertiliser, power – we will be part of delivering it.”

Mr Dangote endorsed the Tinubu administration’s naira-for-crude policy, describing it as a patriotic initiative to strengthen the local economy, despite early resistance from international oil companies.

He explained, “It’s a teething problem, but it will be resolved, either through legislation or administrative action.”

Mr Dangote emphasised that industrial investment, not extravagant acquisitions, remained the surest path to sustainable economic growth.

(NAN)