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Dangote says Nigeria Can Become a Refining Hub

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Aliko Dangote

 

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.  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.

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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, 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.

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Eid-el-Fitr: FG Declares Thursday, Friday Public Holidays

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By Yusuf Danjuma Yunusa

The Federal Government has officially declared Thursday, March 19, and Friday, March 20, 2026, as public holidays to celebrate Eid-el-Fitr, marking the end of the holy month of Ramadan.

The announcement was made on Tuesday by the Minister of Interior, Olubunmi Tunji-Ojo, in a statement issued on behalf of the Federal Government by the ministry’s Permanent Secretary, Magdalene Ajani.

In the statement, the Minister extended warm greetings and heartfelt congratulations to the Muslim Ummah for the successful completion of the Ramadan fasting period.

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Tunji-Ojo encouraged the Muslim faithful to uphold the profound spiritual values fostered during the holy month. He emphasized the importance of sustaining the virtues of love, generosity, peace, tolerance, and sacrifice in their daily lives.

He also called on all Nigerians to leverage the festive occasion to offer special prayers for the nation’s continued peace, unity, and prosperity.

While wishing all Muslims a joyous and blessed Eid-el-Fitr, the Minister urged citizens to celebrate responsibly. He specifically encouraged acts of kindness and generosity towards the less privileged in society, embodying the spirit of the season.

The Minister reaffirmed the Federal Government’s steadfast commitment to fostering national unity and promoting peaceful coexistence among the diverse communities in Nigeria.

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Tinubu Orders Relocation of Service Chiefs to Maiduguri Following Deadly Borno Attacks

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By Yusuf Danjuma Yunusa

In a decisive response to Monday’s multiple bombings in Borno State, President Bola Tinubu has ordered the nation’s Service Chiefs to immediately relocate to Maiduguri to take direct control of security operations in the region.

The directive comes after coordinated attacks, suspected to have been carried out by Boko Haram terrorists around 7:25 pm, which resulted in the deaths of over 20 people and left more than 100 others injured.

President Tinubu issued the order while reacting to the tragic incidents shortly before his departure for a historic state visit to the United Kingdom. In a statement, he vowed that the Federal Government would not be cowed by terror.

“The recent news from Maiduguri, Borno State, is profoundly upsetting. I mourn those who lost their lives, sympathise with the injured, and stand in solidarity with the people of Borno during this challenging time,” the President said.

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Describing the attacks as the “final desperate and frantic attempts” of criminals facing relentless pressure from the military, Tinubu reassured Nigerians of his administration’s commitment to security.

“I want to make it categorically clear that these acts of terror are being carried out by elements trying to instil fear, as they are under constant pressure from our brave armed forces operating in various theatres. We will continue to intensify our efforts against all criminal elements, wherever they may be,” he stated.

The President commended the troops for repelling the assaults on military positions, praising their “courage and fighting spirit.” He reiterated that the terrorists would be defeated, noting that recent approvals for additional equipment and operational support following a security meeting last weekend were already being implemented.

“Our gallant military and civilian task forces will curtail and put them down,” Tinubu affirmed. “Just last weekend, during a security meeting with leaders of security and intelligence agencies, I approved additional equipment and operational support to enhance their capabilities. This effort is already in progress.”

Beyond the military directive, the President instructed emergency management agencies to ensure that the injured receive proper medical care. He concluded with a firm warning to the perpetrators.

“There is no place in Nigeria where terrorists will find safety. We will locate them, confront them, and completely defeat them. Nigeria will not succumb to fear.”

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Soludo Sworn in for Second Term as Anambra Governor

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By Yusuf Danjuma Yunusa

Governor Chukwuma Soludo of Anambra State and his deputy, Dr. Onyekachukwu Ibezim, were officially sworn in for a second term in office on Tuesday. The inauguration ceremony took place at the newly renovated Alex Ekwueme Square in Awka, the state capital.

The oath of office and the oath of allegiance were administered by the Chief Judge of Anambra State, Justice Onochie Anyachebelu, at approximately 11:05 a.m. The governor and his deputy were accompanied by their wives and other family members during the ceremony.

The event was attended by a host of high-profile dignitaries. Vice President Kashim Shettima, former Presidents Olusegun Obasanjo and Goodluck Jonathan, were present to witness the inauguration. Other notable personalities expected at the event included elder statesmen such as former Commonwealth Secretary-General Emeka Anyaoku.

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The newly refurbished Alex Ekwueme Square served as the venue for the ceremony, drawing a large crowd that included traditional rulers from all 179 communities in Anambra State, as well as monarchs from other parts of Nigeria.

Governor Soludo, who secured his re-election on November 8, 2025, under the platform of the All Progressives Grand Alliance (APGA), saw a strong turnout from party supporters. APGA members from all 326 political wards across the state mobilized to attend the event.

In light of the gathering, security was heavily reinforced across the state. Personnel from the Nigeria Police Force, the Nigeria Security and Civil Defence Corps (NSCDC), the Federal Road Safety Corps (FRSC), and other security agencies were deployed to strategic locations to ensure order.

The governor and his deputy marked the conclusion of their first term on Sunday with an interdenominational thanksgiving service held at the International Convention Centre.

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