Dangote Refinery makes history, exports two cargoes of jet fuel to Saudi Aramco in Saudi Arabia
The Board members, Nigerian Economic Summit Group (NESG), include: Mr Lanre Akinbo; Mr. Udeme Ufot; Chairman, NESG, Mr Niyi Yusuf; with President/CE, Dangote Group, Aliko Dangote; Vice President (Oil & Gas), Dangote Group, Mr Devakumar Edwin; Board Members, NESG, Mr Philip Mshelbila; Mrs Wonu Adetayo; Mr Frank Aigbogun and CEO NESG, Dr. Tayo Aduloju, during the visit of NESG delegation to Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilisers in Ibeju Lekki, Lagos on Tuesday, 4th February 2025
… NESG wants FG to support domestic industries to achieve a $1trn economy
Dangote Petroleum Refinery exported two jet fuel cargoes to Saudi Aramco, the world’s largest oil producer and a leading integrated oil and gas company globally.
This is an important milestone as Saudi Aramco, the official Saudi Arabian Oil Company, is a majority state-owned petroleum and natural gas company that is the national oil company of Saudi Arabia.
President of Dangote Group, Aliko Dangote, disclosed this on Tuesday during a visit by the Nigerian Economic Summit Group (NESG), team to both Dangote Fertiliser Limited and the Dangote Petroleum Refinery & Petrochemicals in Ibeju Lekki, Lagos.
According to him, exporting products to the global markets, especially Saudi Aramco, was because of his refinery’s world-class standards and advanced technologies.
He said, “We are reaching the ambitious goals we set for ourselves, and I’m pleased to announce that we’ve just sold two cargoes of jet fuel to Saudi Aramco.”
Dangote refinery has steadily increased its output, now reaching 550,000 barrels per day, from when production began in 2024.
NESG Chairman, Mr. Niyi Yusuf, who commended Dangote for establishing the $20 billion refinery – the largest single-train refinery in the world – said Nigeria needs more such investments in order to reach its $1 trillion economy goal.
Yusuf said, “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’ve dredged 65 million cubic tonnes of sand to create a future for the country.
“This refinery, fertiliser plant, petrochemical complex, and supporting infrastructure are monumental.
“My hope is that God grants you the strength, courage, and health to realise your ambitions and that in your lifetime, a new Nigeria will emerge.”
He explained that such local industries are essential to Nigeria’s industrialisation and will help foster the growth of Small and Medium Enterprises (SMEs).
He assured that the NESG would continue to advocate for an improved investment climate to attract entrepreneurs, boost development, ensure food security, and address insecurity.
Lamenting that Nigeria has become a dumping ground for foreign products, he said the country must support its entrepreneurs to become a global player.
“It’s inconceivable that a nation of over 230 million people, with an annual birth rate higher than the total population of some countries, is still dependent on imports to feed its citizens,” he said.
Yusuf, who also commended Dangote’s bold vision for making Nigeria self-sufficient in several key sectors, said, “The NESG is grateful, and I believe the nation is as well. This refinery represents the audacity of courage. It takes immense effort to do what you’ve done and still be standing and smiling. Thank you for inspiring us and showing that nothing is impossible. You’ve transformed Nigeria from a net importer of petroleum products to a net exporter.
“We’ve all read Think Big, but this is truly about thinking big. The message is clear: the private sector can bring about real change.”
Responding, Dangote, highlighted the importance of the private sector in national development, saying Nigeria’s challenges could largely be overcome by providing gainful employment to its people.
According to him, the concept of a free market should not be used as a pretext for continued import dependence, highlighting that both developed and developing nations, including the USA and China, actively protect their domestic industries to safeguard jobs and promote self-sufficiency.
Dangote also gave the example of the Benin Republic, where cement imports are restricted as part of a deliberate strategy to protect local industries, despite the proximity of his Ibese plant.
Dangote identified the challenges in setting up industries in Nigeria, particularly the substantial capital investment required due to the lack of infrastructure, stressing that investors are often forced to take on responsibilities for essential services such as power, roads, and ports – services that should be provided by the government.
Yusuf was on tour of the refinery and fertilizer plants with NESG board members and stakeholders, who also lauded Dangote’s enterprising spirit, the level of investment, technology, and sophistication of young Nigerian engineers in running world-class laboratories and central control units.
The Board members, Nigerian Economic Summit Group (NESG), include: Mr Lanre Akinbo; Mr. Udeme Ufot; Chairman, NESG, Mr Niyi Yusuf; with President/CE, Dangote Group, Aliko Dangote; Vice President (Oil & Gas), Dangote Group, Mr Devakumar Edwin; Board Members, NESG, Mr Philip Mshelbila; Mrs Wonu Adetayo; Mr Frank Aigbogun and CEO NESG, Dr. Tayo Aduloju, during the visit of NESG delegation to Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilisers in Ibeju Lekki, Lagos on Tuesday, 4th February 2025
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