In a recent interview with PREMIUM TIMES, Aliko Dangote, the President of Dangote Group, revealed an intriguing twist involving a friend who had initially advised him against investing in Nigeria. Dangote shared that his friend, who chose to invest abroad four years ago due to perceived policy inconsistencies and vested interests, is now teasing him for disregarding the advice.
“My wealthy friend started investing abroad four years ago, citing policy inconsistencies and interests at play,” Dangote recounted. “Now, he’s been taunting me, saying he warned me and that he’s been proven right.”
Dangote, 67 years old, explained his decision to invest heavily in the Dangote Refinery, emphasizing its potential to address Nigeria’s longstanding fuel crisis. However, recent challenges, including accusations about the refinery’s diesel quality by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), have added complexity.
Responding to allegations of inferior diesel quality from the refinery, Dangote asserted that the claims were unfounded. He expressed readiness to step aside and let the Nigerian National Petroleum Corporation (NNPC) acquire the refinery if it would facilitate smoother operations and ensure the production of high-quality products beneficial to the country.
The Dangote Refinery, a monumental $19 billion project designed to refine 650,000 barrels per day, represents a significant investment aimed at reducing Nigeria’s dependence on imported fuel and conserving foreign exchange. Despite facing delays and regulatory challenges, Dangote remains committed to his vision of enhancing Nigeria’s energy independence and creating jobs.
The controversy surrounding the refinery escalated when NMDPRA alleged that Dangote’s diesel did not meet international standards, a claim refuted by Dangote himself. The authority, meanwhile, stated that it awaits further scientific reports to clarify the sulfur content in the refinery’s diesel.
Throughout these challenges, Dangote has voiced frustration over bureaucratic hurdles and operational delays, underscoring his commitment to contribute positively to Nigeria’s economic landscape.
