Aliko Dangote, president of the Dangote Group, has disclosed that many Nigerians are unaware they currently pay just 55% of what citizens in other West African countries spend on Premium Motor Spirit (petrol).
He added that his refinery has contributed to lowering fuel prices by offering petrol at between N815 and N820 per liter.
Dangote made this known during a high-level visit to the 650,000 barrels-per-day refinery by ECOWAS Commission President Dr. Omar Touray and his delegation, according to a statement from the Dangote Group on Sunday.
Emphasizing the benefits of increased intra-African trade, Dangote highlighted how the refinery has helped reduce the cost of refined products and lowered production expenses across various sectors of Nigeria’s economy.
Dangote stated that when his refinery began producing diesel last year, the price dropped sharply from N1,700 to N1,100 and has since fallen even further. He noted that this reduction has had a widespread impact, supporting industries, boosting the mining sector, and offering much-needed relief to agriculture.
He added that Nigerians are reaping the benefits of local refining, with petrol prices significantly lower than in neighboring countries.
“While petrol sells for about $1 per litre (around N1,600) in nearby countries, we’re offering it at N815 to N820 here. Many Nigerians don’t realize they’re paying just 55% of what others in the region pay,” he explained.
Dangote revealed that the refinery has “a much larger initiative in the works,” which has not yet been made public. He assured Nigerians that the refinery was built for their benefit and that they would fully enjoy its advantages.
Leading the ECOWAS delegation on an extensive tour of the facility, Dangote outlined the challenges and milestones faced in developing the world’s largest single-train refinery. He reaffirmed his consistent stance that Africa’s reliance on imports is unsustainable and undermines the continent’s economic independence.
Dangote stressed that the drop in fuel prices is a direct outcome of local refining, which he said is making fuel more affordable, strengthening energy security, and decreasing reliance on imports.
The ECOWAS Commission President reportedly described the refinery as a symbol of hope for Africa’s future and a powerful example of the private sector’s potential in advancing regional industrialization.
What I’ve witnessed today fills me with real optimism. Anyone who questions Africa’s potential should visit this refinery; it clearly shows what the continent can achieve,” Touray stated.
He added, “The scale and capability here are far beyond my expectations. It’s truly impressive. We commend Alhaji Dangote for his confidence in Africa. A project of this magnitude can only be driven by strong belief and vision, and he has demonstrated both. This is the kind of initiative we must all support to move Africa forward.”
