Nigerian billionaire businessman Aliko Dangote says his newly operational fuel refinery in Lagos will soon provide Nigerians with high-quality, affordable petrol.
After more than a year of operation, Dangote Refinery has successfully started producing Premium Motor Spirit (PMS), commonly known as petrol.
The refinery, which has an initial capacity of 350,000 barrels per day, is expected to reach its full capacity of 650,000 barrels by the end of the year. It marks a significant milestone in Nigeria's energy sector.
Dangote told a press conference, "It's a celebration day for Nigerians."
"As soon as we finalise with the NNPCL, our product will start going into the market. We will help to restore industry and manufacturing.
"We will begin real import substitution, which is what we have, you know, saving foreign exchange, earning foreign exchange, which will stabilise the naira, and it will also help bring down inflation and cost of living,” he told a press conference on Tuesday.
The refinery's rollout of petrol comes at a crucial time for Nigeria, which has been facing severe fuel shortages due to the Nigerian National Petroleum Company Limited's (NNPCL's) significant debt to suppliers.
The NNPCL's financial strain has threatened the sustainability of fuel supply in the country.
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