Nigeria’s aviation sector has witnessed a significant milestone, as the Federal Government designates Dangote Refinery as the sole supplier of jet fuel for local airline operators. This strategic move aims to stabilize the nation’s foreign exchange and reduce operational costs for airlines.
According to Minister of Aviation and Aerospace Development, Festus Keyamo, “The recent agreement between Dangote and the government has paved the way for a naira-based transaction, eliminating dollar components.” He emphasized the benefits of this partnership, stating, “By purchasing jet fuel from Dangote, airlines will be shielded from international market fluctuations, resulting in cheaper Jet A1 fuel.”
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Keyamo’s remarks underscore the government’s efforts to bolster Nigeria’s economy through innovative partnerships. The Dangote Refinery, with its impressive 650,000 barrels per day capacity, has already commenced operations, producing jet fuel and diesel. Its inaugural shipment to Europe marked a significant milestone, with six successful exports to Senegal, Togo, and Ghana.
This development is expected to alleviate pressure on Nigeria’s foreign exchange reserves, fostering economic growth and stability. As Dangote Refinery continues to expand its operations, Nigeria’s aviation sector is poised for significant transformation.
Would you like to know more about Dangote Refinery’s impact on Nigeria’s economy or the nation’s aviation sector developments?
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