Photo Caption, DSC 2114(L–R) Vice President Business Unity, Dangote Industries Ltd, Olakunle Alake, Vice president Oil & Gas, Dangote Industries Ltd, Devakumar Edwin, Minister of Finance, Oluwale Edun, MRS Oil & Gas, Sayyu Dantata, Chairman Federal Inland Revenue, Zaccheus Adedeji, at the Flag Off of Petroleum Motor Sprint (PMS) product (Petrol) from the Dangote Petroleum Refinery, Lekki Lagos on Sunday, September 15, 2024
By Ihechi Enyinnaya
The Federal Government has heralded the start of petroleum lifting from the Dangote Petroleum Refinery and Petrochemicals as a significant milestone in Nigeria’s journey toward industrialization and local refining.
This announcement was made yesterday, coinciding with the initiation of petrol transportation from the world’s largest single-train refinery, located in Ibeju-Lekki, Lagos State. A fleet of trucks from the Nigerian National Petroleum Corporation Limited (NNPCL) began moving Premium Motor Spirit (PMS) from the facility.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, who led the government delegation, hailed the event as a groundbreaking moment and a revival of hope in local refining and industrialization.
“This marks the beginning of Nigeria’s renewed focus on industrialization, reflecting a return to local refining and supply of petroleum products—a milestone we have not achieved in decades,” Edun remarked.
Accompanied by Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service, and Chairman of the Technical Sub-Committee on naira-based crude sales to local refineries, Edun emphasized that this initiative would ensure energy self-sufficiency and end the longstanding issues of scarcity and queues. He underscored that this aligns with President Bola Tinubu’s vision of enhancing the value of raw materials before export and acknowledged Tinubu’s role in conceptualizing the free trade zone during his tenure as Lagos State governor.
Edun commended President Tinubu for facilitating the supply of crude to local refineries and praised Aliko Dangote and his team for reviving Nigeria’s refining capabilities after nearly 30 years. He lauded Dangote’s commitment and his success in establishing a functioning refinery, despite initial skepticism.
“We extend our congratulations to Aliko Dangote, a leading businessman and industrialist, for his remarkable achievement. The refinery’s ability to produce sufficient PMS for the Nigerian market and additional surplus for export is a testament to his vision and resilience,” Edun said.
He highlighted that the refinery’s high-quality products are competitive globally and set a new standard for Nigerian companies. Edun also praised the technical sub-committee for ensuring a seamless supply of crude to local refineries and noted President Tinubu’s continued focus on food security.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited (DIL), stated that the start of PMS production aligns with Dangote’s goal of tackling Nigeria’s energy supply issues. He highlighted the refinery’s massive capacity, noting that it processes 52,000 barrels of crude daily, producing over 54 million liters of PMS, with a significant portion allocated for export.
Edwin projected that the refinery would substantially benefit Nigeria’s economy by reducing foreign exchange demand by at least 40 percent and boosting revenue through exports.
He addressed concerns about potential congestion in the Ibeju-Lekki area by assuring that the refinery includes a dedicated marine facility capable of accommodating the world’s largest vessels.