Aliko Dangote, Chairman of the Dangote Group, urged fuel marketers to prioritize domestic collection from his refinery to alleviate the ongoing petrol scarcity in Nigeria.
Speaking at the Presidential Villa in Abuja on Tuesday alongside Finance Minister Wale Edun, he stated that his refinery is stocked with over 500 million litres of petrol, enough to meet the country’s needs for over 12 days without additional imports.
Dangote committed to supplying 30 million litres of petrol daily to stabilize the market but clarified that his role is limited to bulk supply, not retail distribution. “We are not in the retail business.
I have a refinery, not filling stations,” he said, emphasizing the need for fuel marketers to step up collection and distribution efforts to reduce long queues at filling stations.
Expressing his commitment to supporting the government’s fuel supply goals, he assured, “I’m putting my name on the line by assuring Mr. President that we will supply a minimum of 30 million litres per day, ramping up as needed to stabilize the market.”
Highlighting the financial implications of holding such large reserves, Dangote noted, “Every day, it costs me to maintain 500 million litres in our tanks. If I could recoup this investment, I could be charging 32% interest.”
His message was clear: the fuel is available, but action is required from marketers. “Our tanks are full, and we are ready to keep Nigeria’s fuel supply flowing smoothly if the marketers do their part,” he concluded.
