President of the Dangote Group, Aliko Dangote, says most Nigerians are unaware they currently pay nearly half the price for petrol compared to neighbouring West African countries, thanks to his refinery’s output.
Speaking during a visit by the ECOWAS Commission President, Dr Omar Touray, to the 650,000 barrels-per-day Dangote Refinery, Dangote noted that petrol is now sold locally at between ₦815 and ₦820 per litre, roughly 55 per cent of the average ₦1,600 per litre rate in the region.
“In neighbouring countries, the average price of petrol is around $1 per litre, which is ₦1,600. 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 for petrol,” Dangote said in a statement issued by his group on Sunday.
He explained that the refinery has already helped cut fuel prices significantly. “Last year, when we began diesel production, we were able to reduce the price from ₦1,700 to ₦1,100 at a go, and as of today, the price has crashed further,” he said.
“This reduction has made a significant impact across various sectors. It has supported industries, benefited those of us in mining, and provided vital relief to the agricultural sector. The effect has been far-reaching.”
Dangote told the delegation that more was to come. “We’ve got a much larger initiative in the pipeline, something we’ve not yet announced,” he added. “This refinery is built for them, and they will enjoy the maximum benefit from it.”
According to him, the Dangote refinery can meet Nigeria’s fuel needs and serve the broader West African region, challenging perceptions that the facility lacks sufficient capacity.
“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 (ECOWAS officials) are here to see the reality for themselves and, more importantly, to encourage other nations to embark on similarly large-scale industrial projects,” he stated.
He reiterated that Africa’s dependence on imported goods remains a major hurdle to development.
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“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,” the statement read.
Touring the facility, ECOWAS President Dr Omar Touray described the refinery as a transformative model for the region.
“What I have seen today gives me a lot of hope, and everybody who doesn’t believe in Africa should come here. Visiting here will give you more hope because this is exactly what our continent should focus on,” Touray said.
“We have seen something I couldn’t have imagined, and really, the capacity in all areas is impressive. We congratulate Alhaji Dangote for this trust in Africa because I think you do this only when you have the trust, and he has a vision for Africa, and this is what we should all work to encourage.”
Touray also praised the refinery’s Euro V standard fuel, saying it meets ECOWAS’ 50ppm sulphur limit, unlike many substandard imports that pose health and environmental risks.
“We are still importing products below our standard when a regional company such as Dangote can meet and exceed these requirements. The private sector must take the lead in ECOWAS industrialisation,” he said.
He called for stronger cooperation between governments and industrialists, urging policies informed by real-world business conditions.
“We cannot continue to make decisions on behalf of the private sector from a distance. Visits like this provide us with first-hand experience and direct insight into the challenges they face, challenges that authorities and government officials must work to address,” Touray added.
The ECOWAS leader said industrialisation was key to solving youth unemployment, poverty, and insecurity, promising full support for Dangote to expand into regional markets.
“Once again, I congratulate the Dangote Group and commit that the ECOWAS commission will do everything to open up the ECOWAS market for them, if not the entire African continent,” he stated.
Touray was accompanied by top officials including Commissioner for Infrastructure, Energy and Digitalisation, Sediko Douka; Commissioner of Internal Services, Prof. Nazifi Darma; Director of Private Sector/SME, Dr Tony Elumelu; and his Chief of Staff, Abdou Kolley.