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Aliko Dangote emphasized Nigeria's potential as a refining hub at a recent summit, urging the government to enhance crude oil production and manage supplies. He highlighted the nation's capacity to transition from a net importer to a net exporter of petroleum products, aiming to reduce reliance on imports.

At a recent summit in Lagos, Aliko Dangote, Chairman of Dangote Refinery and Petrochemicals, highlighted Nigeria's potential to become a refining hub, reducing its reliance on imported petroleum products. Despite producing over 3.4 million barrels of crude oil daily, Africa imports approximately 3 million barrels, costing around $17 billion annually. Dangote emphasized the need to enhance crude oil production and manage supply effectively to transition from a net importer to a net exporter of refined products.

He noted that Nigeria could capitalize on its geographical advantage, which would reduce logistics costs and improve trade efficiency. The Dangote Refinery has already begun producing diesel, jet fuel, and petrol, with plans to ramp up production to meet domestic needs and export to international markets, including Europe and the USA.

Dangote urged the government to support domestic refiners by ensuring crude availability and incentivizing investments in the sector. He warned that without action, Nigeria risks losing significant revenue and opportunities in the global oil market. He called for collaboration among stakeholders to make Nigeria a leading player in the refining industry, improving its balance of trade and generating foreign currency. The summit also featured discussions on overcoming challenges in crude supply and enhancing investment in Nigeria’s refining capabilities.