Nigerian billionaire Aliko Dangote, Africa's richest man and CEO of the Dangote Group, is marking a decisive turning point in his industrial ambitions by now exporting jet fuel to the United States. At the head of a mega-refinery in Lagos with a production capacity of 650,000 barrels of refined fuel a day, the entrepreneur is stepping up his efforts to conquer international markets, while accusing Nigeria's national oil company (NNPC) of hindering his access to the local market.
This month, 1.7 million barrels of paraffin produced by Dangote's refinery have been delivered to US ports, with a further 350,000 barrels expected by 29 March. These exports coincide with a maintenance period at the Bayway refinery in New Jersey, providing a window of opportunity for Dangote to gain a foothold in the US market. According to analysts, these imports should bring the volume of jet fuel in the United States to its highest level in two years. However, this breakthrough could be a one-off, as US paraffin stocks are already high.
In Nigeria, relations between Aliko Dangote and NNPC have deteriorated in recent months. The billionaire accuses the national oil company of blocking his outlets on the domestic market, forcing him to seek alternatives abroad. The NNPC recently put an end to an agreement known as "crude oil for naira", which enabled Dangote to pay for its crude supplies in local currency. Now forced to conduct its transactions in dollars, the industrialist has taken a radical decision: from April, it will stop selling its petrol on the Nigerian market. "We are temporarily aligning the sales currency with the crude oil supply currency", he said.
This announcement is already causing concern among Nigerian consumers. The reduction in the supply of local fuel has led to an immediate rise in prices at the pump, accentuating economic tensions in a country where access to energy remains a major issue. Critics point the finger at NNPC, accused of failing to support Dangote's efforts to reduce Nigeria's dependence on fuel imports, a paradox given that the country is one of Africa's leading crude oil producers.
While Aliko Dangote's foray into the US market has been hailed as a strategic coup, it also highlights the structural challenges facing Nigeria. By diversifying his outlets, the billionaire is demonstrating his ability to adapt, but the sustainability of this strategy remains uncertain. With massive production and a hampered local market, the future of the Lagos mega-refinery will depend as much on the resolution of tensions with NNPC as on Dangote's ability to establish itself on the international stage.
In the meantime, this tug-of-war between the tycoon and the Nigerian state continues to make waves, to the detriment of local consumers and, for the time being, to the benefit of the United States.