He said the removal would help determine the actual petrol consumption in the country, as he confirmed ownership of two oil blocks in the upstream sector with an expected production date of next month.
Dangote also stated that fuel production from his $20bn mega refinery in Lagos will help ease pressures on the naira. The refinery can refine 650,000 barrels of crude oil daily.
Dangote who recalled the challenges faced after the project’s launch in 2013, experiencing a five-year delay due to issues with state government and host communities and a running loan of $2.4bn, said he is personally proud to achieve the feat.
On whether the subsidy will make the refinery viable, Dangote said, “Well, you see, we have a choice of either one. We produce, we export, and when we produce, we sell locally. But we are a big private company. And yes, it’s true, we have to make a profit. We build something worth $20bn so definitely we have to make money.
President Bola Tinubu removed the subsidy when he took office in May 2023,
exacerbating a cost-of-living crisis that sparked protests, but quickly reinstated it as inflation spiked.
