President of Dangote Group, Aliko Dangote has unveiled the first sample of Premium Motor Spirit (PMS) from his refinery in Lagos today.
“This is a proud moment for Nigeria,” Dangote declared during the presentation at the 650,000-capacity refinery in Ibeju-Lekki. “We’re not just producing fuel; we’re fueling Nigeria’s economic independence.”
Dangote praised President Bola Tinubu’s administration, saying, “I salute the government for providing the platform for growth and development. The ‘Naira for crude’ idea will give our currency stability.”
The refinery is expected to meet demands across sub-Saharan Africa. Dangote added, “With this refinery working, we can now track every loaded truck and ship, revealing Nigeria’s true fuel consumption.”
In a related development, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that the Dangote refinery will supply 25 million litres of petrol daily to the Nigerian market starting September, increasing to 30 million litres from October.
An NMDPRA spokesperson stated, “This agreement between NNPCL and Dangote Refinery to trade crude oil in local currency is a game-changer for our economy.”
Dangote highlighted the economic impact: “The ‘Naira for crude’ policy could reduce foreign exchange demand by 40%. This is a significant step towards economic stability.”
