Business mogul and President of Dangote Group, Alhaji Aliko Dangote, has said most Nigerians do not realise they are currently buying petrol at just 55 percent of what people in other West African countries pay. He made this known during a visit by the President of the ECOWAS Commission, Dr Omar Touray, and his team to the Dangote Refinery in Lagos.
According to Dangote, his refinery, located in the Lekki Free Trade Zone, is selling Premium Motor Spirit (petrol) at between ₦815 and ₦820 per litre. He said that in nearby countries like Benin Republic, Togo, Ghana and others, citizens pay the equivalent of about ₦1,600 per litre, which is around $1. This huge difference, according to him, is due to local refining.
He explained that the refinery’s ability to produce fuel locally has started changing the narrative for Nigeria. “Many Nigerians don’t realise that they are currently paying just 55 percent of what others in the region are paying for petrol,” Dangote said.
He added that when the refinery started producing diesel last year, the price dropped sharply from ₦1,700 to ₦1,100 per litre. “As of today, diesel price has gone down even more. This change has helped industries, supported the mining sector, and brought great relief to farmers. The effect has been massive across the board,” he stated.
The visit by Dr Touray and ECOWAS officials was described by Dangote as important, especially as it gives other West African nations a chance to see what’s possible when countries invest in large-scale local refining. He said the refinery has not only started meeting local fuel needs but also has the potential to supply the entire West African sub-region.
Responding to critics who question the capacity of the refinery, Dangote said the facility was built to world standards and is capable of processing 650,000 barrels of crude oil per day. He stressed that this is the largest single-train refinery in the world. He also mentioned that it was built specifically to meet the domestic demand and create room for exports.
“There have been talks saying we can’t even meet Nigeria’s fuel demand. But ECOWAS officials are now here to see things for themselves. This project is not just for Nigeria, it is for Africa,” Dangote said.
The billionaire businessman emphasised the importance of Africa focusing more on what it can produce internally. “As long as we keep importing what we can produce ourselves, we will remain underdeveloped. This refinery proves we can build for ourselves, at global standards,” he added.
Dangote also hinted that there are more things to come. “We have a much larger initiative in the pipeline, something we’ve not yet announced. But I want Nigerians to know that this refinery is built for them, and they will enjoy full benefits from it,” he said.
With its full operations expected to deliver petrol, diesel, aviation fuel, kerosene and more, the Dangote Refinery aims to reduce Nigeria’s dependence on imported petroleum products. The company says this move will not only help bring down fuel prices further but also strengthen Nigeria’s energy security.
Analysts say that if sustained, the refinery could become a turning point for Nigeria’s economy. Lower fuel prices mean lower transportation and production costs, which can ease inflation and create more jobs.
Many economic watchers have also called on government at all levels to create favourable conditions for industries like Dangote Refinery to thrive. They say more local investment in refining will help Nigeria achieve long-term stability and growth.
For now, Dangote says his focus is on serving Nigeria first, and then the rest of West Africa. With the refinery already changing the fuel market, there’s growing hope that it will play a big part in Nigeria’s journey to industrial self-reliance.
