Aliko Dangote, Africa’s richest person, says Nigeria will stop importation of petrol into the country by June.

Dangote spoke at the Africa CEO Forum Annual Summit in Kigali on Friday.

He said the country should end petrol imports by June when Dangote refinery commences production of the product.

“Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of litre,” he said.

Consequently, Dangote said the shortfall in the supply of petrol will be addressed not only in Nigeria but other West African countries.

“We have enough gasoline to give to at least the entire West Africa. We have enough diesel to give to West Africa and Central Africa,” he said.

Dangote said there is enough aviation fuel to meet the continent’s demands, as well as export to Brazil and Mexico.

Speaking on the commencement of petrol production by the refiner, Dangote said “next month, we will be producing diesel and gasoline”.

He said the refinery would take most African crude grades.

DANGOTE SAYS REFINER WILL NOT FOCUS ONLY ON PETROLEUM PRODUCTS

Dangote said the refiner would not only focus on producing petroleum products.

“Today, our polypropylene and our polyethene will meet the entire demand of Africa and we are doing base oil, which is to do like engine oil,” he said.

“We are doing linear benzyl, which is raw material to produce LLB, which is raw material to produce detergent. We have 1.4 billion population and nobody is producing that in Africa.”

He said all the raw materials detergents are being imported into Africa, adding that the refinery is producing these raw materials to make Africa self-sufficient.

“As I said, give us three and a maximum of four years and Africa will not, I repeat, not import any more fertilizer from anywhere. We will make Africa self-sufficient in potash, phosphate (even if we don’t have enough, there is a lot in Morocco. But we are also looking at the opportunities,” he said

“For our urea, we are at three million tonnes and in the next twenty months, we will be at six million tonnes of urea which is the entire capacity of Egypt.”

The business mogul said the refiner has 650,000 barrels per day, one million tonnes of polypropylene, 590,000 carbon black — the raw materials ink, dyes and others.

Dangote said the second phase of the refinery will start early next year.

President Bola Tinubu has assured Chinese investors that their investments are safe in Nigeria.

Tinubu also said his administration will always provide needed support to ensure businesses thrive.

The president spoke on Friday when he received a delegation led by Dai Hegen, chairman of the China Railway Construction Corporation (CRCC), in Abuja.

This was contained in a statement by Ajuri Ngelale, special adviser to the president on media and publicity.

He said his administration welcomes the opportunity to expand business collaboration with the company as well as upgrade critical infrastructure and facilities for the mutual benefit of both parties.

“I have listened to you carefully. Your operation is consistent with our objectives. We are reforming the economy and taking crucial actions to ensure accelerated growth,” Tinubu said.

“The CRCC, with its subsidiary, CCECC, is a leading company and one of the best partners to work with. I am happy that you are partnering Nigeria in so many areas, particularly in rail construction.

“We will do everything required to ensure that the rail link between the Ibadan end of the Lagos-Ibadan railway and the Federal Capital Territory is completed. We must connect the hinterland with our coastal seaports.

“I am proud of what I started as governor of Lagos state with the Lekki Free Trade Zone. It is now a flourishing environment. It is important to give you the assurance that we will do well to strengthen our partnership and relations.”

He commended the corporation, particularly its subsidiary, China Civil Engineering Construction Corporation (CCECC), headquartered in Beijing, for its efforts in delivering value on infrastructural projects in the country.

‘SOLID MINERALS DEVELOPMENT NEXT FRONTIER FOR COLLABORATION’

Tinubu urged the corporation to also explore other avenues of cooperation, especially in solid minerals.

“The door is open for partnership, and partnership that will add value to both sides. Solid minerals development is the next frontier for mutually beneficial growth and collaboration,” he said.

“We need each other. The sustainable path to success is a two-way street. We assure you that your investment is safe in our country. Once you succeed here, I know your reputation in other countries will be further strengthened.”

In his remarks, CRCC’s chairman highlighted some of the projects in the works and those completed by the corporation.

“In the railway construction sector, the Kano-Kaduna railway is 39 percent completed and is on course for completion in the second quarter of 2026,” Hegen said.

“The Abuja-Kaduna railway and Lagos-Ibadan railway have carried approximately nine million passengers since they were completed and commissioned.

“Freight services have officially commenced along Lagos-Ibadan axis since September 2023, and a total 180,000 tons of cargo have been transported.”

Hegen added that the corporation has signed investment cooperation agreements with 119 companies, stimulating investments of $3 billion, and creating 4,000 direct jobs for Nigerians, as well as paying $125 million in taxes.

He said there are plans to increase investments in key areas, such as agriculture, power, solid minerals, natural gas, and renewable energy technologies to promote the economic development of the country.

Hegen extended the invitation of the Chinese government to the president to attend the Forum on China-Africa Cooperation (FOCAC) to further deepen cooperation along mutual areas of interest.

The federation account allocation committee (FAAC) says the three tiers of government shared N1.2 trillion in April.

This was contained in a communiqué issued at the end of the FAAC meeting for May 2024 by Bawa Mokwa, director of press and public relations in the office of the accountant-general of the federation (OAGF), on Thursday.

The figure represents an increase of N85 billion compared to the N1.12 trillion shared in March.

FAAC said the allocation comprises distributable statutory revenue of N284 billion, distributable value-added tax (VAT) revenue of N466 billion, electronic money transfer levy (ETML) revenue of N18 billion, and exchange difference revenue of N438 billion.

The committee said the total revenue of N2.1 trillion was available in the month of April 2024, adding that the total deduction for the cost of collection was N80 billion; total transfers, interventions and refunds was N903 billion.

A gross statutory revenue of N1.2 trillion was received for April, representing N216 billion higher than the sum of N1.01 billion received in March.

For VAT, the gross revenue was put at N500 billion, compared to N549 billion available in March — a difference of N48 billion.

The communiqué confirmed that from the N1.2 trillion total distributable revenue, the federal government received N390 billion, states got N403 billion and the local governments received N293 billion.

A total sum of N120 billion was shared with the benefiting states as 13 percent derivation revenue.

From the distributable statutory revenue of N284 billion, the communiqué stated that the federal government received N112 billion, states got N56 billion and the local governments received N43 billion., while N71 billion was given to the benefiting states as derivation revenue.

FAAC further said from the N466 billion distributable VAT revenue, the federal government received N69 billion, states received N233 billion and local governments got N163 billion.

A total sum of N2.704 billion was received by the federal government from the N18 billion EMTL, states received N9 billion and local governments received N6 billion.

According to the committee, out of the exchange difference revenue of N438 billion, the federal government got N205 billion, states got N104 billion, and N80 billion was handed to local governments.

The sum of N48 billion was shared with the benefiting states as 13 percent derivation revenue.

In addition, FAAC said oil and gas royalties, companies’ income tax (CIT), excise duty, petroleum profit tax (PPT), EMTL and CET Levies increased significantly in April.

However, import duty and VAT recorded considerable decreases.

FAAC also said the balance in the excess crude account (ECA) for April was $473,754.