The Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, says the 650,000 barrels-per-day (bpd) refinery has a substantial surplus of jet fuel and is well-positioned to supply global markets.

Mr Bird disclosed this on Tuesday during a speech at the S&P Global Energy Middle East Petroleum and Gas Conference in London.

“We’re very grateful to be seen as a reliable, high-quality and dependable supplier able to land our product competitively all over the world,” Reuters quoted Mr Bird as saying.

According to him, lower demand within Africa compared to other regions has created export opportunities for the refinery.

His comments come at a time when global energy markets remain under pressure following tensions involving the US, Israel and Iran, which heightened concerns over supply disruptions around the Strait of Hormuz and contributed to volatility in fuel markets.

Jet fuel has been among the products significantly affected by these disruptions, with prices remaining elevated in many markets.

Mr Bird’s remarks also come amid persistent concerns within Nigeria’s aviation industry over the rising cost of Jet A1 fuel.

In recent months, PREMIUM TIMES has reported extensively on the pressure facing domestic airlines as aviation fuel prices surged, prompting warnings about possible disruptions and operational challenges.

Several operators, including Air Peace, United Nigeria Airlines and Ibom Air, have repeatedly complained about soaring Jet A1 prices, saying the development has strained operations and disrupted schedules.

The situation prompted government intervention after airline operators warned that sustained increases in aviation fuel costs could threaten the survival of some carriers.

Despite those interventions, airlines continue to report operational difficulties linked to fuel costs, including delays, cancellations and reduced flight frequencies.

However, the situation has also created opportunities for refiners outside the Gulf region, including Dangote Refinery, to expand exports to international markets.

Mr Bird said the refinery is currently operating at full nameplate capacity and is planning what he described as a “ruthless replication” strategy to expand output.

“We will bring 700,000 barrels per day of fully complex refining capacity on stream by the end of 2028,” he said, adding that long-lead equipment has already been procured while construction contracts are being awarded.

He added that the group could eventually increase refining capacity to 2.1 million bpd, supported by plans for another refinery in East Africa, positioning the company as a major player in global crude and refined product markets.

“Nigeria has gone from fuel scarcity to absolute fuel abundance since the Dangote refinery came online,” Mr Bird said.

According to Kpler data cited last month, the Dangote Petroleum Refinery exported an estimated 57 million barrels of jet fuel between April 2024 and April 2026.

The data showed exports rose from about 20,000 barrels per day in April 2024 to around 65,000 barrels per day by the end of that year before peaking at approximately 160,000 barrels per day during the review period.

The figures highlight the growing role of refined petroleum exports in Nigeria’s energy sector, particularly aviation fuel, as the country seeks to strengthen domestic refining capacity and reduce dependence on imported products.

Suno, the AI music generation company, announced on Wednesday that it has raised a $400 million Series D round, valuing the company at $5.4 billion. It was only about seven months ago that Suno raised at a $2.45 billion valuation, underscoring that investors are confident in the company’s future despite the litigation it faces.

That legal trouble isn’t minor. As Suno itself has admitted, the company trains its AI on copyrighted songs. The company argues that this is permissible according to fair use — a legal doctrine that allows limited use of copyrighted material without permission, but one that is highly fact-specific and can vary widely from case to case. Copyright holders like Universal Music Group (UMG), Sony, and German music collection organization GEMA have continued to pursue legal action against Suno, though Warner Music Group (WMG) settled and reached a licensing deal with the company last November.

When Sony and UMG initially sued Suno in 2024, the companies claimed that Suno had trained on 560 of their copyrighted works. That number has since grown meaningfully. Last month, the record labels filed to amend their complaint to allege that over 61,000 more songs were used for AI training without permission.

None of that appears to be slowing Suno’s growth. It continues to hover around the top of the App Store charts for music, and at the time it was raising its Series C round, users were generating over 7 million songs on Suno every day, according to a pitch deck obtained by Billboard.

The Series D round was led by Bond Capital, alongside IVP, Forerunner, Union Square Ventures, Alkeon, and Quiet. Existing investors Matrix, Lightspeed, Menlo Ventures, and Schroders Capital also contributed. Suno says that it is “thrilled to have participation from some of the best artists, producers, songwriters, and people from across the music industry,” without disclosing any names.

The omission is notable; named artist endorsements would go a long way toward defusing the narrative that the music industry is uniformly opposed to what Suno is building.