Aliko Dangote, has intensified his dispute with industry regulators. On Sunday, he accused them of allowing cheap fuel imports that undermine local refineries.
Dangote warned that if unchecked, these imports threaten jobs, local investment, and national energy security.
Speaking at his 650,000-barrel-per-day refinery in Lagos, the billionaire argued that imports are being used to “checkmate domestic potential.” He stated that this practice exports jobs abroad while Nigeria struggles to industrialize.
“You don’t use imports to checkmate domestic potential,” he told reporters.
Call for Inquiry
The business mogul called for an official inquiry into Farouk Ahmed, the head of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Dangote cited concerns over Ahmed’s management of the sector. He also raised allegations regarding private expenditures that reportedly exceed legitimate earnings.
Ahmed did not immediately respond to requests for comment. However, he has previously claimed that the Dangote refinery seeks a monopoly on petroleum product sales. He also argued that the facility’s output cannot meet local demand.
The Capacity Dispute
The conflict centers on Nigeria’s daily fuel needs. Last month, the regulator urged the president to drop plans to ban refined petroleum imports. They argued that local output falls short of the national demand of 55 million liters daily.
Dangote disputes this figure. He claims the regulator distorts the refinery’s actual capacity by reporting offtake statistics rather than true production data.
The refinery was designed to end Nigeria’s heavy reliance on imported fuel and save billions in foreign exchange. However, it faces significant operational hurdles.
Management says they cannot secure the necessary crude oil because regulators have failed to enforce rules guaranteeing supply to local refiners before exports.
Consequently, the refinery imports 100 million barrels of crude oil annually. This figure is expected to double following future expansion and continued limited domestic supply.
Future Plans
Despite these challenges, Dangote vowed to press ahead. He declared that his investment is “too big to fail” and promised to safeguard the facility.
He also reiterated his commitment to the Nigerian public. Plans remain in place to list the company on the local stock market. Additionally, he intends to pay dividends in U.S. dollars.
“Every Nigerian can own a piece of the economy,” he said.
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