LAGOS, Nigeria — Aliko Dangote, President of the Dangote Group, has revealed that Nigerians are currently paying only 55 per cent of what citizens in neighbouring West African countries spend on petrol, attributing the reduction to the impact of the Dangote Refinery.
During a high-level visit to the 650,000 barrels-per-day facility in Lagos by Dr Omar Touray, President of the ECOWAS Commission, Dangote stated that the refinery has played a central role in stabilising and reducing fuel prices since the commencement of local refining.
“In neighbouring countries, the average price of petrol is around $1 per litre, which is about ₦1,600,” he said.
“But here at our refinery, we’re selling at between ₦815 and ₦820. Many Nigerians don’t realise that they are currently paying just 55 per cent of what others in the region are paying.”
Dangote added that the effect of local refining has gone beyond petrol.
He pointed to the dramatic drop in diesel prices as a prime example, noting that when the refinery began diesel production last year, the price fell from ₦1,700 to ₦1,100 per litre.
“This reduction has made a significant impact across various sectors,” he said.
“It has supported industries, benefited mining operations, and provided relief to the agricultural sector. The effect has been far-reaching.”
Dangote also used the occasion to champion intra-African trade and industrial development.
Speaking to the ECOWAS delegation, he described Africa’s continued reliance on imported goods as economically damaging and unsustainable.
“As long as we continue importing what we can produce, we will remain underdeveloped,” he said.
“This refinery is proof that we can build for ourselves at scale, to global standards.”
He addressed scepticism around the refinery’s production capacity, pushing back against claims that the facility cannot meet Nigeria’s domestic demand.
“There have been many claims suggesting that we don’t even produce enough to meet Nigeria’s needs, so how could we possibly supply other West African countries? But now, they [the ECOWAS delegation] are here to see the reality for themselves.”
While not revealing specifics, Dangote hinted at a larger initiative still under wraps.
“This refinery is built for Nigerians, and they will enjoy the maximum benefit from it,” he said, adding that “a much larger initiative… is in the pipeline, something we’ve not yet announced.”
The refinery, the world’s largest single-train facility, has been hailed as a landmark private sector achievement, promising to reshape energy and industrial dynamics not only in Nigeria but across the continent.
Dr Omar Touray, President of the ECOWAS Commission, described the refinery as “a beacon of hope” for Africa’s future.
He praised it as a clear demonstration of the transformative role that private sector-led industrialisation can play in regional development.
The Dangote Refinery began production of diesel and aviation fuel in 2024 and recently commenced petrol output.
It is expected to significantly reduce Nigeria’s reliance on fuel imports and enhance energy security.
