The President of the Dangote Group, Aliko Dangote, has revealed that most Nigerians are currently paying 55 percent less for Premium Motor Spirit (petrol) compared to their counterparts in other West African countries. This statement was made during a high-level visit to the Dangote refinery by Dr. Omar Touray, President of the Economic Community of West African States (ECOWAS) Commission, along with his team.
Dangote highlighted that his refinery has played a significant role in reducing fuel prices, selling petrol at between N815 and N820 per litre. “In neighbouring countries, the average price of petrol is around $1 per litre, which is N1,600. But here at our refinery, we’re selling at between N815 and N820. Many Nigerians don’t realise that they are currently paying just 55 percent of what others in the region are paying for petrol,” he noted.
He further explained the broader impacts of the refinery on the economy, stating, “Last year, when we began diesel production, we were able to reduce the price from N1,700 to N1,100 at a go, and as of today, the price has crashed further. 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 disclosed that the refinery has “a much larger initiative in the pipeline, something we’ve not yet announced.” He emphasized that “this refinery is built for them, and they will enjoy the maximum benefit from it.” He also explained the challenges and milestones involved in bringing the world’s largest single-train refinery to life, reiterating his longstanding position that Africa’s dependence on imported goods is unsustainable and hinders economic sovereignty.
“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 stated. Dangote emphasized that the refinery is fully equipped to meet the petroleum needs of Nigeria and the entire West African region, countering claims that it could not produce enough to meet local and regional demand.
“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 said.
In his remarks, Dr. Touray declared the Dangote refinery a beacon of hope for Africa’s future and a clear demonstration of what the private sector can achieve in the drive for regional industrialization. “What I have seen today gives me a lot of hope, and everybody who doesn’t believe in Africa should come here. This is exactly what our continent should focus on,” he stated.
He noted that the refinery, which produces fuel to Euro V standards, is critical for enabling the ECOWAS region to meet its 50ppm sulphur limit for petroleum products. “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 advised.
The ECOWAS Commission President used the visit to call for stronger collaboration between governments and the private sector, emphasizing that policy decisions must reflect the real challenges and opportunities experienced by African industrialists. “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,” he added.
Touray emphasized the urgency for the region to pursue an industrial strategy capable of addressing deep-rooted challenges such as youth unemployment, poverty, and insecurity. He pledged the commission’s full support for enabling regional giants like the Dangote Group to access wider ECOWAS markets and urged other African nations to follow Nigeria’s example by investing in infrastructure that serves the continent.
“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 declared.
The delegation included the ECOWAS Commissioner for Infrastructure, Energy and Digitalisation, Sediko Douka; Commissioner of Internal Services, Prof. Nazifi Darma; Director of Private Sector/SME, Dr. Tony Elumelu; and Dr. Touray’s Chief of Staff, Abdou Kolley, among others.