• About
  • Advertise
  • Contact
Sunday, July 6, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Oil & Gas

Dangote Says Nigeria Capable Of Becoming Net Exporter Of Petroleum Products

…save Africa's $17bln petrol products imports

Vital News by Vital News
October 8, 2024
in Oil & Gas
0
We Have Not Fixed Petrol Price — Dangote
Share on FacebookShare on Twitter

Nigeria must enhance its crude oil production capacity and effectively manage its crude supply to ensure adequate feedstock for domestic refineries, in order to transit from a net importer to a net exporter of petroleum products.

Chairman of Dangote Refinery and Petrochemicals Company Limited, Aliko Dangote, made this assertion during his keynote address at a summit held in Lagos by the Crude Oil Refinery Owners Association of Nigeria (CORAN).

The event attracted top government officials and key stakeholders from the midstream and downstream sectors.

Addressing Nigeria’s potential as a refining hub, Dangote expressed concern that, despite producing over 3.4 million barrels of crude oil per day, Africa imports around 3 million barrels of petroleum products daily.

He noted that these imports, primarily from Europe, Russia, and other regions, are estimated to cost approximately $17 billion in 2023.

RelatedStories

IMF Raises Alarm Over Lack Of Transparency In Oil Revenue Remittance By NNPCL

Dangote Refinery Slashes Ex-depot Price Of Petrol From N880 To N840 per litre

$2.8billion AKK Gas Pipeline Project Crosses River Niger – NNPCL

Experts Laud Dangote Refinery On Deployment Of 4,000 CNG Trucks For Free Distribution Of Petrol, Diesel

He urged that Nigeria could capitalise on this situation to become a net exporter of refined petroleum products, as the markets would be more competitively served from Nigeria.

“Both the crude oil and the petroleum products will travel shorter distances.

“The logistics costs of floating storage will be eliminated, and countries can purchase their petroleum product requirements just-in-time.

“Nigeria and Africa can become completely self-sufficient, and we can keep all the value on our shores.

“We have done it in cement, and we can certainly do it for petroleum products.

“It is worth noting that the Dangote Refinery already produces sufficient diesel and jet fuel to meet Nigeria’s demand.

“We recently started the production of PMS and will soon ramp up to meet Nigeria’s needs.

“Our refined products have been exported to diverse markets, including Europe, Brazil, the UK, the USA, Singapore, and South Korea,” he added.

Represented by Engr. Mansur Ahmed, Group Executive Director of Dangote Industries Ltd, Dangote emphasised that Nigeria must develop a refining capacity of 1.5 million barrels per day and prioritise domestic crude supply obligations to seize this opportunity.

Acknowledging the arising and future challenges, he urged the government to incentivise investors, contrasting this with the Dangote Oil Refinery, which was built without any government incentives.

“It is unfortunate that while countries like Norway are putting oil proceeds into a future fund, in Africa, we are spending oil proceeds from the future.

“We will also need to prioritise the implementation of domestic crude supply obligations.

“We will need to expand our crude oil production capacity to support demand from new refining capacity.

“The government of President Bola Ahmed Tinubu is taking active steps to achieve this through fast-tracking IOC divestments and other initiatives,” he stated.

Emphasising that global developments in the petroleum sector, particularly in Europe, will disrupt historical trade flows for refined petroleum products in Africa, Dangote stated that Nigeria is uniquely positioned to capitalise on this opportunity and become a significant player in the global oil industry.

He called for consultation, collaboration, and cooperation among stakeholders.

“As a vibrant exporter of refined products, Nigeria will witness an improvement in its balance of trade and generate much-needed foreign currency.

“Nigeria’s potential as a refining hub is clearly not in doubt; let us work together to make it happen,” he urged.

The foremost industrialist noted that the summit’s theme, “Making Nigeria a Net Exporter of Petroleum Products,” would have seemed unrealistic a few years ago, and added that despite being Africa’s largest crude oil producer, Nigeria has historically relied on imports to meet its refined petroleum product needs.

However, he emphasised that the Dangote Petroleum Refinery and Petrochemicals is poised to transform Nigeria from a “net importer” to a “net exporter” of refined petroleum products, establishing the country as an emerging player in global downstream trade flows; with refined products already exported to various markets, including Europe, Brazil, the UK, the USA, Singapore, and South Korea.

Commending Dangote for this transformation, Chairman of IPPG/Waltersmith Refinery & Petrochemicals Co. Ltd, Abdulrazaq Isa Kutepa, called on the government to support domestic refiners by ensuring the availability of crude, adhering to domestic crude supply obligations, and implementing effective pricing and monitoring measures to prevent smuggling.

Chairman of CORAN’s Board of Trustees and CEO of Integrated Oil & Gas, Captain Emmanuel Iheanacho (rtd), remarked that the Dangote Oil Refinery has set a high standard by producing Euro-V products, thus protecting citizens from exposure to high-sulphur products.

He noted that transforming Nigeria into a net exporter will bring numerous benefits but reiterated the need for increased investment to boost crude production, lamenting that Nigeria loses approximately $83 billion annually by not meeting its OPEC quota.

While acknowledging that tank farms remain essential despite local refining, Iheanacho urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to consider cancelling import licences, as Nigeria can now meet its local demand.

Chairman of Major Energies Marketers Association of Nigeria (MEMAN), Huub Stokman, stated that Nigeria is on the verge of becoming Africa’s refining powerhouse, which will significantly boost the economy.

The Chairman of CORAN, Momoh Oyarekhua, also expressed concern over challenges related to crude supply and stated that domestic refiners will work with regulators and stakeholders to address these issues.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lopkobiri, assured that the government would continue to refine frameworks to enhance crude production and support domestic refineries.

His counterpart from the Ministry of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, emphasised the Tinubu-led administration’s commitment to ensuring value addition for mineral resources before export.

Two panel sessions were held to discuss Nigeria’s downstream petroleum refining sector and its potential impacts, as well as policy strategies for achieving self-sufficiency in petroleum products.
(vitalnewsngr.com)

 

 

 

 

 

Tags: CrudeDangoteexporterPetrol
Previous Post

Supreme Court Fixes Oct. 22 For Hearing In Suit Challenging EFCC’s Establishment Act By 16 States

Next Post

FG Begins Palliative Work On Lagos – Sagamu-Ijebu-Ode Expressway Oct. 14

Vital News

Vital News

RelatedStories

IMF Raises Alarm Over Lack Of Transparency In Oil Revenue Remittance By NNPCL
News

IMF Raises Alarm Over Lack Of Transparency In Oil Revenue Remittance By NNPCL

July 3, 2025
Dangote Refinery Slashes Ex-depot Price Of Petrol From N880 To N840 per litre
Oil & Gas

Dangote Refinery Slashes Ex-depot Price Of Petrol From N880 To N840 per litre

July 2, 2025
NNPCL Unveils New Senior Management Team
Oil & Gas

$2.8billion AKK Gas Pipeline Project Crosses River Niger – NNPCL

July 1, 2025
Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Oil & Gas

Experts Laud Dangote Refinery On Deployment Of 4,000 CNG Trucks For Free Distribution Of Petrol, Diesel

July 1, 2025
Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Oil & Gas

Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15

June 29, 2025
Next Post
FG Begins Palliative Work On Lagos – Sagamu-Ijebu-Ode Expressway Oct. 14

FG Begins Palliative Work On Lagos - Sagamu-Ijebu-Ode Expressway Oct. 14

Lagos Assembly Suspends Alimosho Council Chairman Indefinitely

Suspension : Lagos Stops Alimosho LG Vice Chairman From Stepping In As Acting Chairman

NOA Launches Nationwide Campaign To Reignite Patriotism, Promote National Values

NOA Launches Nationwide Campaign To Reignite Patriotism, Promote National Values

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Cleric Enjoins Christians To Develop Spirit Of Forgiveness

Cleric Enjoins Christians To Develop Spirit Of Forgiveness

3 years ago

Two Drug Barons Behind Seized Tincan Port Shipments Arrested

3 years ago
Flooding : Lagos Begins Removal Of Structures On Drainage Setback

Protest : Lagos Government Washes Hand Off Oro Festival

12 months ago

Insecurity : Li-Pac Suggests Advocacy To Curb Security Threat Migration In Nigeria

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Train Service : Lagos – Kano Narrow Gauge Restoration To Reach Offa December – NRC

Ahead 17th BRICS Summit, President Tinubu Arrives In Rio De Janeiro

President Tinubu Celebrates Olubadan, Oba Owolabi Akinloye Olakulehin @90

FIFTY YEARS OF GOWON’S OVERTHROW BY ERIC TENIOLA

Court Orders Senate To Recall Natasha From Six-Month Suspension

Court Finds Natasha Guilty Of Contempt, To Pay N5mln Fine, Publish Apology In Two National Dailes

Trending

President Tinubu Mourns Passing Of Peter Rufai
Football

CAF President Mourns Peter Rufai, Says Dodo Mayana Will Forever Live In Our Hearts

by Vital News
July 5, 2025
0

The President of the Confédération Africaine de Football (CAF), Dr Patrice Motsepe, has paid emotional tribute on...

Protest As Imam Was Caught Raping  8-Year-Old Girl Inside Osun Mosque

Protest As Imam Was Caught Raping 8-Year-Old Girl Inside Osun Mosque

July 5, 2025
FBI On Trail Of Nigerian National, Ehiremen Aigbokhan, For Diverting N460million Donald Trump’s Inauguration Fund

FBI On Trail Of Nigerian National, Ehiremen Aigbokhan, For Diverting N460million Donald Trump’s Inauguration Fund

July 5, 2025
Train Service : Lagos – Kano Narrow Gauge Restoration To Reach Offa December – NRC

Train Service : Lagos – Kano Narrow Gauge Restoration To Reach Offa December – NRC

July 5, 2025
President Bola Tinubu Issues Executive Order On Cost Efficiency In Oil And Gas Sector

Ahead 17th BRICS Summit, President Tinubu Arrives In Rio De Janeiro

July 5, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • CAF President Mourns Peter Rufai, Says Dodo Mayana Will Forever Live In Our Hearts July 5, 2025
  • Protest As Imam Was Caught Raping 8-Year-Old Girl Inside Osun Mosque July 5, 2025
  • FBI On Trail Of Nigerian National, Ehiremen Aigbokhan, For Diverting N460million Donald Trump’s Inauguration Fund July 5, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In