“Within the next 4 or 5 weeks, Nigeria shouldn’t import anything like gasoline; not one drop,” Dangote said in Kigali.
Africa’s richest man and Chairman of Dangote Group, Aliko Dangote has assured that following laid down plans of the Dangote Refinery, Nigeria as a nation will have no need to import gasoline from next month.
Dangote also mentioned his refinery has capacity to supply West Africa’s petrol and diesel wants, and the continent’s aviation gas demand.
The entrepreneur made this announcement at Africa CEO Forum Annual Summit in Kigali on Friday, whereas expressing optimism within the transformation of Africa’s energy landscape.
“Right now, Nigeria has no cause to import something aside from gasoline and by someday in June, inside the next 4 or 5 weeks, Nigeria shouldn’t import something like gasoline; not one drop of litre.”
He additionally outlined progresses made by the oil firm to make sure that Africa as a continent turns into self-sufficient relating to the power sector.
“We’ve got enough gasoline to present to not less than your entire West Africa, diesel to present to West Africa and Central Africa. We’ve got sufficient aviation gas to present to your entire continent and likewise export some to Brazil and Mexico.
“As we speak, our polypropylene and our polyethylene will meet your entire demand of Africa as we speak and we’re doing base oil, which is like engine oil, we’re doing linear benzyl, which is uncooked materials to provide detergent. We’ve got 1.4 billion individuals in inhabitants, no person is producing that in Africa.
“So, all of the uncooked supplies for our detergents are imported. We’re producing that uncooked materials to make Africa self-sufficient.
“As I mentioned, give us three or a most of 4 years and Africa is not going to, I repeat, not import any extra fertilizer from wherever. We are going to make Africa self-sufficient in each potash, phosphate, and urea, we’re at three million tonnes and within the subsequent twenty months, we will likely be at six million tonnes of urea which is your entire capacity of Egypt. We’re getting there.”
Dangote additionally went additional to stipulate the achievements of the corporate because the commissioning of the refinery in February.
“For a few of us, regardless of the increase of the capital market of the US, you understand, Google, Microsoft and the remainder, we didn’t actually take part, we took all our cash and invested in Africa.
“We had this dream, nearly 5 years in the past and we mentioned we need to transfer from 5 billion ({dollars}) income to thirty billion income and we made it occur. It’s potential and now we’ve made it occur and now we’ve really completed our personal refinery.
“Our refinery is sort of massive, it’s one thing that we imagine that Africa wants. For those who have a look at the entire continent, there are solely two international locations that don’t import petroleum merchandise which is a tragedy. They’re solely Algeria and Libya. The remaining are all importers.
“So, we have to actually change and be sure that we don’t simply go and produce uncooked supplies, we also needs to produce completed merchandise and create jobs.
“One of many issues we additionally must know as Africans is that we produce uncooked supplies and export them, once you export uncooked supplies and anyone now retains importing issues into your continent and dumping items. what you’re importing is poverty and exporting jobs out. So, we’ve to vary that narrative,” he mentioned.
“We simply commissioned in February and now we’re producing jet gas, we’re producing diesel and by subsequent month, we will likely be producing gasoline. What that will do is that we’d be taking many of the African crude which might be being produced and likewise have the ability to provide not solely Nigeria, as a result of our capability is just too massive for Nigeria, however it will additionally provide West Africa, Central Africa and likewise South Africa. We’ve got 650,000 barrels per day, 1 million tonnes of polypropylene, we’ve 590,000 carbon black, that’s the raw supplies ink, dyes and co. We’re increasing extra. That is the primary section and we’re going out to the next section which will begin early next year.”
The richest man in Africa additionally acknowledged the challenges confronted in constructing the refinery, notably from these accustomed to the established order.
He mentioned there was pushback however failure was not an possibility, although many individuals didn’t imagine he would succeed.
“The pushback was very impactful as a result of there are individuals who have really been used to simply creating wealth buying and selling with out refinery and you understand, to get people who find themselves dedicated to Africa needs to be people who imagine in investing in Africa as a result of the businesses which might be working as we speak are literally not investing, and a few of the problems with stopping that funding goes to affect us, not as we speak however sooner or later, which implies our oil manufacturing will proceed to go down as a result of in oil, until you retain investing, the manufacturing goes to go down.
“So, that’s the challenge. The main burden on us was that there isn’t any room for failure as a result of we had been the EPC contractors and ninety p.c of individuals by no means believed that we had been going to ship however we’ve been capable of ship now.”
Regardless of these achievements, Dangote identified policy inconsistency as a major challenge for African entrepreneurs and referred to as for a review and assist from the leaders to make sure correct ease of trading within the continent.
