“Our lab is not number two, it is the number one in the world and I beat my chest and tell you that,” were the words with which Aliko Dangote, President of the Dangote Group, used in emphasising the quality of the facilities in the Dangote Refineries, from where would flow the first set of Premium Motor Spirit (PMS), otherwise known as petrol for the first time in Nigeria in more than two decades.
The three refineries – Port Harcourt, Warri and Kaduna – have all gone kaput for the better part of the last 28 years since the return of the country to civil rule due to massive corruption in their operations, that has left importation of the commodities as the only option, which has led to a drain in the foreign exchange ecosystem and concomitant debilitating impact on the economy.
Dangote, at the facility in Ibeju-Lekki area of Lagos State, on Tuesday, where he unveiled plans to commence distribution of PMS in the next 48 hours, apart from boasting of producing the best quality product in the world, was emphatic that his operations would wipe away the tears from the eyes of Nigerians and end their nightmare over scarcity of products.
Incidentally, the richest man in Africa, spoke on a day the country was still witnessing long queues at petrol stations, a development which had resurfaced some weeks back, as a result of the inability of the Nigerian National Petroleum Company Limited (NNPCL), to get products from their suppliers.
Surprising, the company, the company, the sole importer of PMS in Nigeria, which had last Sunday admitted that it was owing its suppliers, a development it confirmed was responsible for the fuel scarcity situation, was displaying a new price of more than N800 at its filling stations across the country, on the same day of the Dangote debut, meaning it has also raised their own prices.
It is not known yet how much the new local products would be sold in the market, as Dangote, was silent on that aspect, which is a major concern to Nigerians, even though he was loud on other aspects of the development, concerning the stability of supply, quality of the product and its positive impact on the economy.
Arguing that had been battling with fuel queues for as far back as 1974, he said of the current development: “This will eliminate all fuel queues in Nigeria. This will improve the health of everybody. It will also make sure that there is consistent supply in the market. It will also bring out the demand of fuel. No paper transaction. It will end the distortion of the naira, bring stability to the naira, bring growth, development and prosperity.
“As soon as we finalise with NNPC, our products will start to go into the market. As I said, we’ll help to restore industries and manufacturing. We’ll begin to real import substitution, which is what we have – saving our country foreign exchange and also earning foreign exchange, which will stabilise the naira. It will also bring down inflation and cost of living.”