Wednesday, 05 June 2024 04:47

International oil companies operating in Nigeria prefer export to supplying us crude - Dangote

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Aliko Dangote, Africa’s richest person, has revealed that some international oil companies (IOCs) are facing difficulties in supplying crude oil to the Dangote Petroleum Refinery. Dangote made these comments during an appearance on CNN’s ‘Connecting Africa’ programme, which aired on June 3.

When asked whether domestic oil companies have been able to supply crude to the refinery, Dangote acknowledged there are "challenges." However, he noted that the Nigerian National Petroleum Company (NNPC) Limited has been very supportive in supplying crude to the 650,000 barrels-a-day refinery.

"The NNPC does its part, but some IOCs are struggling to provide us with crude because they are accustomed to exporting and are reluctant to stop," he said.

"Africa is not progressing as it should because we export raw materials and import finished goods. Regardless of the material—be it gold or any other raw resource—it's always undervalued compared to finished products."

Additionally, Dangote highlighted that the Dangote Group has implemented a robust succession plan. "We have divided the company into two segments: myself as the group president, a group president for oil and gas, and a group president for our other businesses," he explained.

He projected that the Dangote Group's revenue would reach $30 billion by the end of the year. "Combining all our operations, by the end of this year, we will have a group with $30 billion in revenue, placing us among the top 120 companies globally," he stated.

Furthermore, Dangote expressed confidence that the refinery would soon become profitable. "It's not just about making money; it also brings us immense satisfaction to contribute to Africa's development," he said.

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