Dangote holds 500m litres of PMS, N600 billion worth of stock

• As output exceeds local demand
• To export 60% of products as Zambia seeks fuel security

President of Dangote Industries Limited (DIL), Aliko Dangote, has revealed that his refinery holds over 500 million litres of Premium Motor Spirit (PMS) and N600 billion worth of petroleum product in stock, reinforcing its position as a key player in Africa’s energy landscape.

According to Dangote, the refinery’s production now surpasses Nigeria’s domestic demand, enabling it to export 60 per cent of its output to regional and international markets.

Dangote, during a tour of the refinery complex by the Zambia Government delegation, led by the country’s Minister of Energy, Mr Makozo Chikote, in Lagos at the weekend, said the refinery project, like other projects in the past, was not for Nigeria alone.

“As we speak right now, we have more than half a billion litres. The refinery is producing enough refined products, like gasoline, diesel and kerosene to meet 100 per cent of Nigeria’s requirements,” he said.

He said the maximum local consumption was around 40 per cent, but 60 per cent would be exported as they were making a lot of arrangements with some banks to make sure most of the products were sold within Africa. He revealed that due to financing issues, they were working with Afreximbank to resolve the issues.

“This refinery is not only for Nigeria; it is for Africa. We must sustain the African Continental Free Trade Area (AfCFTA) deal. We are trying to see how we trade with other African countries,” he said.

Meanwhile, Zambia has expressed interest in securing fuel supplies from the refinery as part of its efforts to enhance energy security and reduce reliance on imports from distant markets.

This move, according to Dangote, aligns with the Refinery’s ambition to supply refined products across Africa, strengthening intra-continental trade and energy stability.

Chikote stated that the visit was focused on exploring opportunities with the private sector. He noted that they sought collaboration with Dangote to ensure the security of fuel and petroleum products for their country, as Zambia had shifted away from directly procuring petroleum products through recent reforms.

After touring the Dangote complex at the Free Trade Zone in Ibeju Lekki from the Single Point Mooring (SPM) to the Dangote Jetty, the largest fertiliser plant in Africa, and the 650,000bpd single-train refinery, the minister expressed enthusiasm, noting that the presentations by the refinery resonated with Zambia’s challenges.