The Chairman of Dangote Group, Aliko Dangote, has disclosed that his refinery has more than enough fuel in reserve to meet Nigerians’ demand, but marketers must step up and collect the available supply to alleviate the current scarcity.
Dangote disclosed this to State House correspondents on Tuesday alongside the Minister of Finance , Wale Edun at the Presidential Villa in Abuja.
“We are more than ready to supply the market with 30 million litres daily,” Dangote assured, adding that his refinery holds 500 million litres of fuel in reserve. “This is enough to sustain the country for over 12 days without any new imports or production.”
He emphasised that his role is strictly as a producer and bulk supplier, not a retail distributor, urging marketers to take responsibility for distribution to filling stations.
“We are not in the retail business. I have a refinery, not filling stations,” he clarified, adding that, “If marketers come forward to collect, then there will be no queues at all.”
Dangote also expressed his commitment to the government’s fuel supply goals, stating, “I’m putting my name on the line by assuring Mr. President that we will supply a minimum of 30 million litres per day, ramping up as needed to stabilise the market.”
He also highlighted the financial impact of holding such a massive fuel reserve, explaining that it incurs daily costs, particularly with high interest rates.
“Every day, it costs me to maintain 500 million litres in our tanks. If I could recoup this investment, I could be charging 32% interest,” he noted, underscoring the urgency for marketers to act.
Dangote urged fuel marketers to prioritise local collection over imports, noting, “If marketers have been managing 55 million liters daily through imports, I see no reason they shouldn’t come and collect our supply and distribute it locally.”
He reaffirmed his refinery’s readiness to keep a steady supply, stressing, “We have what they need. As they collect, I will continue pumping. Our tanks are full, and we are ready to keep Nigeria’s fuel supply flowing smoothly if the marketers do their part.”
