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Nigeria Can Become a Refining Hub and Save Africa’s $17bn on Petrol Imports – Aliko Dangote

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Aliko Dangote, Africa’s wealthiest man and CEO of Dangote Group, has reiterated his belief that Nigeria has the potential to become a refining hub for the continent. Speaking at a recent industry event, Dangote emphasized that Nigeria could save Africa approximately $17 billion spent annually on the importation of petroleum products by ramping up local refining capacity.

According to Dangote, the continent’s reliance on imported refined products, despite being rich in crude oil, is a major economic drain. He pointed out that Nigeria, being Africa’s largest crude oil producer, is in a prime position to capitalize on its resources by developing a robust refining industry. This would not only cut down on the costs of fuel imports but also position the country as a key exporter of refined petroleum products to other African nations.

Dangote’s ongoing Dangote Refinery project, located in Lagos, was cited as a prime example of how local refining could address the challenges of fuel import dependency. The refinery, which is expected to have a processing capacity of 650,000 barrels per day, is set to significantly reduce the need for imported fuel in Nigeria and neighboring countries once it becomes fully operational.

He further stated that by enhancing local refining capabilities, Nigeria could create jobs, boost the economy, and stabilize its foreign exchange reserves. The move would also have a ripple effect across Africa, as other countries could benefit from reduced fuel costs and a reliable supply of petroleum products.

In conclusion, Dangote stressed that achieving this goal requires continued investment in the energy sector, alongside strong policy frameworks that encourage private sector involvement in refining activities.

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“Aliko Dangote is Nigeria’s Biggest Debtor” – Dr. Cosmos Maduka Claims

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Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.

The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.

“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”

“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”


 

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Dangote Drops Petrol Price Again as New Rates Start Across Nigeria

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Photo source: Google

Dangote Petroleum Refinery has once again slashed the pump price of petrol across Nigeria, offering some relief to consumers. The new price now falls between N875 and N905 per litre, reflecting a N15 drop. This update was shared on the refinery’s official social media page on Thursday.

According to Dangote, the price cut affects major fuel distributors working with the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy. With this change, Lagos residents will now buy petrol at N875 per litre. Those in the South-South and South-East regions will pay N905, while the South-West sees a new rate of N885.

In the North-West and central parts of the country, it’s N895, and the North-East will also pay N905. Dangote added that their petrol and diesel are not only high-quality but also designed to support engine efficiency and reduce environmental impact.


 

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Dangote Refinery Reduces Petrol Price to N825 per Litre

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Photo source: Google

Dangote Petroleum Refinery has lowered the price of Premium Motor Spirit (PMS), or petrol, to N825 per litre, down from N835, as competition heats up in Nigeria’s fuel market.

This follows last month’s price reduction, when the 650,000 barrels per day refinery dropped the price from N865 to N835. The recent price change is aimed at providing more value to customers while strengthening Dangote’s position as a leader in the domestic market.


 

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