Dangote Refinery Plc has confirmed the commencement of production of petrol, making the first time in the last 28 years that the product will be produced in Nigeria.
The refinery, built by Africa’s richest man, billionaire Aliko Dangote, began operations in January, initially producing naphtha and jet fuel.
Confirming the development at a short news conference on Tuesday, Dangote said today is a celebration day owing to the feat of the petrol production.
He described the petrol production as a landmark moment with the potential to transform the global market for the fuel.
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While showing newsmen a sample of the product that appears colorless, Dangote said the product is the best and can compete with international standards in the United States and other countries.
Danote assured that each truck loading the product would be tracked to ensure efficient supply nationwide.
He commended President Bola Tinubu for allowing his refinery and other local refineries to be buying crude in naira, describing the move as a relief to Nigerians.
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Nigeria, which consumes about 66 million liters of petrol daily on average, currently spends a huge chunk of its budget, exceeding $10 billion by some estimates, on the importation of the road fuel every year.
The development is expected to save the country several billions of dollars in foreign exchange as well as enhance the local availability of the critical fuel heavily used by businesses and homes.