Business magnate Aliko Dangote has urged Nigeria to enhance its crude oil production and streamline its crude supply management to capitalize on global petroleum markets. Speaking at a summit organized by the Crude Oil Refinery Owners Association of Nigeria (CORAN) in Lagos, Dangote emphasized the need for Nigeria to transition from being a net importer to a net exporter of refined petroleum products.

Represented by Engr. Mansur Ahmed, Group Executive Director of Dangote Industries Limited, Dangote highlighted the vast opportunity for Nigeria to dominate Africa’s refining industry. Despite producing over 3.4 million barrels of crude oil daily, Africa still imports approximately 3 million barrels of refined petroleum products from Europe, Russia, and beyond, at a staggering cost of $17 billion in 2023 alone.

“Nigeria can significantly reduce logistics costs, eliminate floating storage, and supply petroleum products more efficiently to African markets,” Dangote said, pointing to the success of the Dangote Refinery in producing enough diesel and jet fuel to meet Nigeria’s demand. “We have done it in cement, and we can certainly do it for petroleum products.”

To seize this opportunity, Dangote stressed the need for Nigeria to develop a refining capacity of 1.5 million barrels per day, incentivize investors, and prioritize domestic crude supply obligations. He also underscored that Nigeria’s unique position in global trade could lead to improved trade balances and an influx of foreign currency if the nation fully capitalizes on its refining potential.

Dangote concluded with a rallying call to stakeholders to collaborate and establish Nigeria as a refining powerhouse. “Our future as a vibrant exporter of refined products is bright, but we must act together to make it a reality.”