Femi Otedola has congratulated Aliko Dangote on the achievement of the Dangote Petroleum Refinery reaching its full 650,000 barrels per day production capacity.
In a statement shared on his verified X account, Otedola said the refinery’s ability to supply up to 75 million litres of Premium Motor Spirit (PMS) daily marks a structural shift in Nigeria’s energy landscape and could significantly reduce pressure on the foreign exchange market.
According to him, domestic refining at scale after decades of import dependence has the potential to conserve substantial foreign exchange previously allocated to petroleum product imports.
He expressed optimism that sustained local production would ease demand for dollars and contribute to strengthening the naira.
Otedola further stated that trading levels below ₦1,000 per dollar before year-end are increasingly achievable if the refinery maintains stable output and broader macroeconomic conditions remain supportive.
The refinery’s attainment of full nameplate capacity represents a major milestone in Nigeria’s downstream oil sector.
With domestic supply rising, analysts expect reduced import volumes, improved energy security, and potential stabilization in fuel pricing dynamics over time.
Beyond the current milestone, Otedola disclosed that Dangote has commenced an additional $12 billion expansion project aimed at increasing refining capacity to 1.4 million barrels per day.
The expansion plan also includes petrochemical investments of 2.4 million tons of polypropylene and 400,000 metric tons of Linear Alkyl Benzene, a key raw material used in detergent manufacturing.
Industry observers note that scaling refining capacity and deepening petrochemical integration could reposition Nigeria as a net exporter of refined products while strengthening industrial value chains.
The broader macroeconomic implication centers on foreign exchange management. Nigeria has historically spent billions of dollars annually importing refined petroleum products.
A sustained shift toward local production could materially reduce FX outflows, support reserves, and stabilize the currency market.
Otedola described the refinery’s milestone as a source of national pride, emphasizing its long-term impact on economic transformation and industrial growth.
Market participants will closely monitor production stability, distribution efficiency, and export positioning as the refinery transitions from ramp-up to sustained full-capacity operations.
