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Nigeria To End Fuel Imports As 650,000pbd Dangote Oil Refinery Takeoff

Published

3 years ago

May 22, 2023

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Dangote Petroleum Refinery which commences production today, will help Nigeria transited from being the largest importer of these products to a net exporter.

Aliko Dangote, the President and CEO of Dangote Group, affirmed this during the inauguration ceremony of the plants by the outgoing President, Muhammadu Buhari, at the Lekki Free Trade Zone in Lagos.

“This project is just the beginning of a great journey, a milestone in a new and exciting trajectory for the downstream sector of Nigeria’s Oil and Gas Industry.

“It is our firm commitment that we will replicate in this sector, what we have achieved in the cement and fertilizer markets, where Nigeria transited from being the largest importer of these products to a net exporter,” said Dangote.

He disclosed that the first product of the refinery “will be in the market before the end of July, or beginning of August this year.”

He stated that given the 650,000 barrel per day processing capacity, the refinery is more than able to meet all of Nigeria’s domestic fuel consumption, which is about 450,000 barrels per day. This leaves the excess production of 200,000 bpd available for export.

” The group’s huge investment of over $18.5 billion in the oil and gas industry has been prompted by the desire to support and contribute our quota to the Federal Government’s sustained effort to transform our economy and properly position our country as the leading Nation in Africa, and a respected member among emerging economies in the world.

“Beyond today’s ceremony, our first goal is to ramp up production of the various products to ensure that within this year, we can fully satisfy our nation’s demand for high-quality products to enable us to eliminate the tragedy of import dependency and stop, once and for all, the dumping in our market of toxic sub-standard petroleum products,” he said.

He added that beyond the local market, the group intend to ensure that the plants are run at the highest capacity utilization and highest efficiency to enable us to export competitively to other markets, especially in the ECOWAS and the wider Africa Region in which 53 countries out of 55 are dependent on imports to meet their petroleum products demand.

Gratitude For Projects’ Supports
Dangote thanked President Muhammadu Buhari and Nigerians, for the immeasurable support his company got from the inception of the project to its completion.

“Well, what I want to share with Nigerians is actually to show my gratitude and that of the Dangote Group, for all the assistance that we got from the President, from the Federal Government of Nigeria, from even the President-Elect, because he also set the pace by creating the Lekki Free Trade Zone as part of his dream.
And also we want to thank Governor Fashola, Governor Ambode and Governor Sanwo-Olu; because they have given us all the assistance that we were looking for.

“We thank all Nigerians for giving us their support which is too numerous to mention,” he said.

Related Topics:Commissioning Dangote Refinery Lagos

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Business

Nigeria, UAE scrap tariffs on over 13,000 goods

Dr Oduwole said that the tariffs removal was part of a new trade pact aimed at expanding market access for Nigerian goods, businesses, and professionals, under the Nigeria–UAE Comprehensive Economic Partnership Agreement signed in January 2026.

Published

15 hours ago

January 14, 2026

OCHEFA

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•Dr Jumoke Oduwole

Nigeria and the United Arab Emirates have signed an agreement to eliminate tariffs on 13,000 manufactured products.

Dr Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment disclosed this, saying that while the Federal Government has eliminated tariffs on 6,243 products imported from the UAE , they have removed tariffs on 7,315 products imported from Nigeria.

Under the agreement, Nigeria will immediately remove tariffs on 3,949 products, representing 63.3 per cent of the total, while phasing out tariffs on 2,294 products over five years. Nigeria excluded 123 products from tariff liberalisation.

On its part, the UAE will immediately eliminate tariffs on 2,805 products, representing 38.3 per cent of the total, remove tariffs on 1,468 products within three years, and on 3,042 products within five years.

The UAE excluded or prohibited 593 products.

Business

CBN: 60 newly recruits staff laments three years of waiting without engagement

The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.

Published

2 days ago

January 13, 2026

OCHEFA

24 Views

• CBN Governor, Olayemi Cardoso

A group of newly recruited staff of the Central Bank of Nigeria (CBN) have cried out over delayed posting and onboarding into various positions since August 28, 2023.

The Guardian reported that according to the employees, the Apex Bank issued the offer, which was followed by an acceptance copy and instructions to resign from their previous places of work, where applicable, as part of documentation.

“We all tendered resignation letters to our former employers at that time to enable us to proceed with the CBN process,” one of the affected employees, Emmanuel Linus Dabo, who spoke on behalf of others,, told newsmen on Monday.

According to him, the application process started in April 2023, where their resumé were submitted to the Headquarters of CBN, and after some time, they received emails from the Human Resources Department for interview and aptitude tests.

“We did a medical examination at the bank’s medical clinic, where a code was given to individual applicants before we could access the hospital.

After the interview and medical and aptitude tests, the successful applicants were contacted by the HR manager to come to CBN Headquarters in Abuja to pick up their offer letter. We filled the acceptance letter without delay,” he said.

He further stated that there was a series of e-mails from the Human Resources office requesting that they forward their credentials for the online documentation, including their acknowledged resignation letters from their previous employers…

Business

KPMG, NRS settle rifts over new tax laws

In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives.

Published

2 days ago

January 13, 2026

OCHEFA

26 Views

KPMG executives and Zaach Adedeji, chairman of the Nigeria Revenue Service (NRS), held a meeting on Monday following the disagreement over the new tax laws.

However, on January 10, the presidential fiscal policy and tax reforms committee pushed back against KPMG’s critique, noting that KPMG does not understand the laws.

The committee said a significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either the firm’s own errors and invalid conclusions, or matters not properly understood by the firm.

In a statement on Monday, the NRS said that Adedeji hosted a courtesy visit from the delegation of the tax advisory firm.

” During the visit, the KPMG team clarified that their earlier opinion on the new tax laws “had been misconstrued and expressed regret over the misunderstanding.

“They sought further clarity on the provisions of the laws and highlighted areas where recommendations could be made.”

The source said that the meeting ended with the delegation commended the NRS chairman for efficiently and promptly implementing the reforms.