The Federal Government has hailed the commencement of petroleum lifting from the Dangote Petroleum Refinery and Petrochemicals as a pivotal moment in Nigeria’s return to industrialisation and local refining.
On Sunday, last week, a convoy of trucks from the Nigerian National Petroleum Corporation Limited (NNPCL) began transporting Premium Motor Spirit (PMS) from the world’s largest single-train refinery, situated in Ibeju-Lekki, Lagos State.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, who led the government’s delegation, described the event as historic and a beacon of renewed hope for Nigerian industrialisation and local refining.
“This marks the resurgence of Nigeria’s journey towards industrialisation. It signifies a revival of local refining and the local supply of petroleum products, something we have not seen for decades,” Edun said.
Accompanied by Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service and Chairman of the Technical Sub-Committee on naira-based crude sales to local refineries, Edun emphasized that the initiative will enhance Nigeria’s energy self-sufficiency and security, ending long-standing issues of scarcity and long queues. This aligns with President Bola Tinubu’s vision of adding value to raw materials before they leave the country—a concept first introduced during Tinubu’s tenure as Lagos State governor.
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“Today’s milestone brings us closer to energy self-sufficiency and supports our domestic investment goals. President Tinubu’s vision is clear: no raw material should leave Nigeria without added value. We commend him for facilitating crude supplies to local refineries and ensuring that NNPC provides the necessary resources,” Edun added.
The finance minister also praised Aliko Dangote, President of Dangote Industries Limited, for revitalizing Nigeria’s refining industry nearly three decades after it had ceased local refining. He lauded Dangote’s dedication and success despite initial doubts about the feasibility of the project.
“We extend our congratulations to Dangote, Africa’s leading businessman and a top global investor, for achieving what many thought impossible. The Dangote Refinery now produces sufficient PMS for Nigeria and has surplus capacity for export. We urge other domestic refiners to follow suit and contribute to not only meeting local needs but also generating foreign exchange through regional and international markets,” Edun said.
Edun also commended the refinery’s global competitiveness, noting that it sets a high standard for Nigerian companies on the international stage. He acknowledged the efforts of the technical sub-committee on naira-based crude sales for ensuring a smooth transition to local refining. The Minister added that President Tinubu is also prioritizing food security.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, emphasized that the start of PMS production is a key part of Dangote’s vision to address Nigeria’s energy challenges. He highlighted that the refinery, with its capacity to process 52,000 barrels of crude daily, produces over 54 million litres of PMS, meeting 44% of domestic needs and reserving 56% for export.
“This refinery will significantly benefit Nigeria’s economy by reducing foreign exchange demand by at least 40% and generating revenue through exports. It will cut import expenditures on petroleum products and boost forex earnings,” Edwin explained.
Addressing concerns about potential traffic issues in Ibeju-Lekki, Edwin assured that the refinery’s marine facility is well-equipped to handle large vessels and manage the logistics efficiently.
The launch of the Dangote Refinery represents a significant step forward for Nigeria’s industrialisation and economic independence.
