Aliko Dangote Unveils First PMS, Promises Import Substitution to Stabilize Naira and Lower Inflation
In a historic moment for the Nigerian oil and gas industry, Aliko Dangote, the President of the Dangote Group, unveiled the first output of petroleum Motor Spirit, (PMS) products known as petrol, from the Dangote Petroleum Refinery, Lekki Lagos on Tuesday, September 3, 2024.
This groundbreaking achievement marks a significant milestone for the country’s energy sector and sets a new standard for Nigeria’s quest for self-sufficiency in petroleum production.
Speaking at the unveiling ceremony, Dangote emphasized the high quality of the petrol being produced, stating that it will match the standards of America. He assured consumers that their engines will last longer and perform better with this premium quality petrol. The PMS, also known as gasoline, and the Euro 5 diesel produced by Dangote Petroleum Refinery have less than 10 parts per million (ppm) of sulfur, making them some of the cleanest fuels in the world. This ultra-low sulfur content not only helps engines, vehicles, and generators last much longer but also ensures that they do not pollute the health of people or the environment.
Aliko Dangote also emphasized the importance of import substitutions in saving the country foreign exchange, stabilizing the naira, and reducing inflation and the cost of living. He announced that starting from October, Nigeria will no longer import polypropylene as the Dangote Group will be able to satisfy the market demand 100%.
This move is a testament to Dangote’s commitment to driving economic growth and development in Nigeria. By producing petrol locally, the country will become more self-sufficient and less reliant on imports, ultimately boosting the economy and creating more job opportunities for Nigerians.
Addressing concerns about pricing modalities of the newly unveiled PMS, which have been a major talking point, with many Nigerians hoping for more affordable fuel.Dangote clarified that the pricing of the petrol will be controlled by the Nigerian National Petroleum Corporation (NNPC) and not Dangote Petroleum. He emphasized that the distribution will be done based on the current agreement of naira to naira, ensuring fair and transparent pricing for consumers. Aliko Dangote assured the public that the pricing is an arrangement that has been carefully designed and approved by the Federal Executive Council, led by President Bola Ahmed Tinubu, and the Nigerian National Petroleum Corporation (NNPC).
Once finalized, we are ready to roll into the market.
Dangote expressed his gratitude to the people of Nigeria and the government of President Bola Ahmed Tinubu for creating a progressive environment that allowed the company to thrive and achieve this monumental task of giving energy to the people for growth, development and prosperity.
He further appreciated the President Bola Ahmed Tinubu for creating the innovative idea of naira for crude and naira for the product. This initiative will help remove 40% of the dollar in the market, leading to greater stability for the naira. Additionally, it will put an end to round-tripping, where people would document and fuel would not actually come into Nigeria.
With the Dangote Refinery now operational, it will be able to accurately track the true consumption of petroleum products in the country by monitoring every single loaded truck and ships.
With Dangote’s commitment to quality and affordability, consumers can look forward to a reliable and sustainable source of petrol in the near future.
The unveiling of the first output of PMS from the Dangote Refinery is a great development in Nigeria energy sector and economy as a whole, as Dangote Petroleum Refinery is on a commitment to providing innovative solutions to change the entire dynamics not only in Nigeria but in sub-Saharan Africa.
