Lagos, Nigeria — Dangote Petroleum Refinery has reached a major milestone, successfully exporting two cargoes of jet fuel to Saudi Aramco, the world’s largest oil producer and a leading global oil and gas entity.
Saudi Aramco, the official national oil company of Saudi Arabia, is a state-owned corporation and a dominant force in the petroleum and natural gas industry.
The announcement was made by Aliko Dangote, President of Dangote Group, during a visit by the Nigerian Economic Summit Group (NESG) to Dangote Fertiliser Limited and the Dangote Petroleum Refinery & Petrochemicals in Ibeju Lekki, Lagos.
Dangote highlighted that the export to Saudi Aramco was a result of the refinery’s world-class standards and cutting-edge technologies.
“We are meeting the ambitious targets we set for ourselves, and I am pleased to announce that we’ve just sold two jet fuel cargoes to Saudi Aramco,” Dangote stated.
Since beginning production in 2024, the Dangote Refinery has steadily ramped up its output, currently reaching 550,000 barrels per day.
Mr. Niyi Yusuf, Chairman of NESG, emphasized the need for investments of this scale to help Nigeria reach its goal of becoming a $1 trillion economy.
“To achieve a $1 trillion economy, much of that must come from domestic investments. I joked during the bus ride that while others are dredging to create islands for leisure, you have dredged 65 million cubic tonnes of sand to create a future for the country,” Yusuf remarked. He further praised the refinery, fertiliser plant, petrochemical complex, and supporting infrastructure as monumental investments for Nigeria’s industrialisation, which will benefit Small and Medium Enterprises (SMEs).
Yusuf added that the NESG would continue to advocate for an improved investment climate, aimed at attracting entrepreneurs, boosting development, and ensuring food security. He stressed the importance of supporting local entrepreneurs to make Nigeria a global player and reduce the influx of foreign products.
He also lauded Dangote’s bold vision for achieving self-sufficiency in key sectors and acknowledged his perseverance in overcoming the many challenges faced during the development of these projects.
Dangote reiterated the importance of the private sector in national development, emphasizing that providing gainful employment for Nigerians is key to overcoming the country’s challenges. He further stated that the notion of a free market should not be an excuse for maintaining an import-dependent economy, noting that even developed nations like the USA and China actively protect their domestic industries.
Dangote cited the example of Benin Republic’s strategy of restricting cement imports to protect local industries, despite the proximity of his Ibese plant.
He concluded by emphasizing that the government benefits significantly from the success of the private sector, noting that 52% of every naira generated by Dangote Cement goes to the government.
By Enoch Odesola|February 6, 2025
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