President of Dangote Group, Aliko Dangote, has stated that Nigerians are currently paying only 55 percent of what citizens in neighbouring West African countries spend on Premium Motor Spirit (petrol), attributing the difference to the impact of local refining.
Dangote made the remark during a high-level tour of his 650,000 barrels-per-day refinery, led by the President of the Economic Community of West African States (ECOWAS) Commission, Dr Omar Touray.
The visit, which took place at the Dangote Petroleum Refinery, was disclosed in a statement issued by the Dangote Group on Sunday.
He explained that the facility is currently selling petrol at between ₦815 and ₦820 per litre, far below the average $1 per litre (about ₦1,600) charged across other West African countries.
“Many Nigerians are not aware that they are paying just 55 percent of what others in the region are paying for petrol,” Dangote said.
He also referenced how his refinery has already influenced fuel markets, pointing to the example of diesel prices that plummeted following the commencement of production last year.
“Last year, when we began diesel production, we reduced the price from ₦1,700 to ₦1,100 in a single stroke, and it has since fallen further. This decline has had a positive ripple effect across various sectors. It has supported industries, benefitted those of us in mining, and offered crucial relief to the agricultural sector,” he said.
Dangote stressed that Africa stands to gain immensely from strengthening intra-continental trade. He noted that local production of refined petroleum products has reduced costs not only in the fuel market but also in the broader economy through lower input and transportation costs.
“The benefit of local refining is not limited to fuel price. It feeds into everything, industrial output, food prices, job creation. The effect has been far-reaching,” he added.
During the facility tour, Dangote gave insight into the scale and complexity of constructing what he described as the world’s largest single-train refinery. He reiterated his long-standing belief that Africa must break away from its reliance on imported goods to achieve economic self-reliance.
“So long as we keep importing what we can produce, we will continue to lag behind. This refinery proves that Africa can build at scale and meet global standards,” he said.
He also addressed scepticism surrounding the refinery’s capacity, saying the facility was built not only to serve Nigeria but the entire West African region.
“There have been suggestions that we cannot meet Nigeria’s demands, let alone export. But the ECOWAS leadership is here to witness the reality firsthand. More importantly, their visit will inspire other African nations to pursue large-scale industrial development,” he said.
Dangote hinted at future expansions, mentioning that a more ambitious project was in the works, although details have yet to be made public. He assured Nigerians that the refinery was built with them in mind and that they would reap the full benefits of its operations.
He concluded by affirming that the reduction in petrol prices was a direct outcome of refining locally. He said this approach not only makes fuel more affordable but also strengthens Nigeria’s energy security and reduces its reliance on foreign imports.
