General
Over N600bn Petrol, Others in Our Tanks to Meet Local Demands—Dangote
By Modupe Gbadeyanka
The president of Dangote Industries Limited (DIL), Mr Aliko Dangote, has disclosed that his refinery has over N600 billion worth of Premium Motor Spirit (PMS), otherwise known as petrol, in tanks.
Mr Dangote built the Dangote Petroleum Refinery believed to be worth about $20 billion in Lagos to serve the local and international markets.
Speaking when he welcomed a Zambian government delegation to the facility over the weekend, the businessman said the oil refinery has “more than half a billion litres of petroleum and over N600 billion worth of products like gasoline, diesel, and kerosene, to meet 100 per cent of Nigeria’s requirements.”
According to him, “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.”
Also commenting, the Vice President of DIL, Mr Edwin Devakumar, said the refinery produces the best quality products as its core business strategy.
“The project concept was to process the crude from Nigeria and add value. But we also wanted to provide some flexibility to process most of the African crudes and some of the Middle Eastern crudes,” Mr Edwin stated.
“In another concept, what we did was maximum value extraction. That is a process where every barrel of crude which goes in, the value addition should be the best.
“The refinery can meet all our requirements. 44 per cent can meet the entire requirements of Nigeria, and 56 per cent of the production would be exported.
“Every day, we produce lighter products of 104 million litres; 57 million litres of petrol every day; 20 million litres of jet fuel; and 27 million litres of diesel production.
“The local consumption is just around 46 million litres, and the remaining 58 million litres will be exported daily,” he added.
On his part, the leader of the delegation, Mr Makozo Chikote, who is the Minister of Energy, said his country was ready to partner with Mr Dangote to make its energy and other sectors more competitive.
“In Zambia, we created an environment for the private sector to participate in the growth and development of our country. Currently, 100 per cent of our petroleum is done by the private sector.
“We are targeting increased productivity in mining, agriculture, and other sectors. Your presentation is an immediate solution to our energy needs. We are trying to promote competition among our private players
“We are looking at Dangote coming on board, which would lead to efficient, reliable, quality, and competitive products, and we want these done like yesterday.
“Coming to the Dangote Petroleum Refinery, we have learned so many advantages of bringing many players for competition, which has improved the lives of the citizens.
“From what we have seen, we need to promote trade within Africa to promote each other. We need these countries together to make Africa efficient, and a reliable trade hub.
“We have seen here that we can learn from what Dangote has done, and this would lead Africa and Africans to stand on their feet and not depend on overseas support in terms of trade. I believe going forward that people have learned a few lessons. The one lesson I have learned from this visit is that Dangote looks at the bigger picture for Africa,” the Minister noted.
Another member of the Zambia delegation, Mr Samuel Maimbo, who is the Vice President of Budget, Performance Review, and Strategic Planning at the World Bank Group, presently campaigning for the presidency of the African Development Bank (AfDB), explained that there is not enough development aid to develop Africa.
“There is also not enough government funding to develop Africa. The only way we can finance Africa’s growth at a pace and scale that solves our problem is by working through the private sector, which is why we are here today, to learn and to see what an ambitious programme looks like,” he stated.
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.
The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.
Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.
The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.
In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.
They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).
Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.
He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.
Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.
Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
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