Chairman of Dangote Group , Aliko Dangote says the government’s “naira-for-crude” policy is a win-win for Nigeria but warns that progress is being slowed by difficulties securing domestic crude.
Speaking after meeting President Bola Tinubu at the State House, Dangote explained that Nigerian crude currently trades at a premium, and some international oil companies are reluctant to supply his refinery outside the dollar system. He called it a “teething problem” that requires government intervention.
Shifting to output, Dangote said the refinery has already ended decades of fuel shortages and is now exporting petrol and diesel to Europe and the United States.
Looking ahead, the complex is expected to expand to 1.4 million barrels per day by 2028, positioning it as the world’s largest refinery. He also outlined plans to raise urea production to 12 million tonnes, reducing Africa’s dependence on fertiliser imports.
On pricing, Dangote noted that competition with imports will keep fuel costs “reasonable,” but warned that smuggling persists because Nigeria’s pump prices remain roughly half the regional average.
Dangote described his meeting with President Tinubu as a routine discussion on the economy and the investment climate.
