Aliko Dangote, President of the Dangote Group, says most Nigerians are unaware they currently pay just 55% of what citizens in other West African countries pay for petrol. According to Dangote, the price drop is a direct result of local refining at his company’s landmark facility, which now sells Premium Motor Spirit (petrol) between N815 and N820 per litre.
Dangote shared these insights during a high-profile visit to his 650,000 barrels-per-day refinery, led by Dr Omar Touray, President of the Economic Community of West African States (ECOWAS) Commission. The Dangote Group issued a statement on Sunday detailing the visit and its impact.
Lower Prices, Big Savings
Dangote explained that while neighbouring countries pay an average of $1 per litre—equivalent to about N1,600—Nigerians enjoy significantly reduced prices due to local refining. “Many Nigerians don’t realise they are currently paying just 55 per cent of what others in the region are paying for petrol,” he said.
He further highlighted how local diesel production slashed prices from N1,700 to N1,100 per litre, delivering broad relief to sectors like mining and agriculture and supporting Nigeria’s industrial growth.
Future Benefits and Regional Potential
Dangote hinted at even larger initiatives in the pipeline, promising greater benefits for Nigerians. “This refinery is built for them, and they will enjoy the maximum benefit from it,” he assured.
He also addressed critics of the refinery’s capacity, stating, “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, [ECOWAS officials] are here to see the reality for themselves.”
Vision for Africa
Emphasising the importance of self-reliance, Dangote warned that Africa’s dependence on imports hampers true economic independence. “As long as we continue importing what we can produce, we will remain underdeveloped. This refinery is proof that we can build for ourselves at scale, to global standards,” he said.
Dangote concluded by stressing that lower prices, improved energy security, and economic advancement are all direct results of investing in local production.
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