THE President of Dangote Industries Limited, Aliko Dangote, has assured Nigerians that there will be no petrol scarcity during the upcoming festive season.
Speaking yesterday while announcing the expansion of the Dangote Petroleum Refinery from 650,000 to 1.4 million barrels per day (bpd), the industrialist said the company remains committed to maintaining an uninterrupted supply of Premium Motor Spirit (PMS) throughout the ember months, despite recent increases in global oil prices.
“In the last three days, we have seen about an eight percent rise in global oil prices,” Dangote stated. “However, I want to assure Nigerians that there will be no fuel shortage this Christmas and New Year. For the first time in years, people can celebrate without the usual petrol anxiety.”
Petrol prices in Nigeria have surged from around ₦189 per litre in 2023 to over ₦1,000 earlier this year, before settling between ₦800 and ₦900 per litre.
Despite this, Dangote maintained that Nigeria’s pump price remains among the lowest in the region.
He added that the refinery’s production of cleaner, high-quality Euro VI fuels has improved local supply, strengthened the naira, and curbed capital flight.
“Nigerians are paying roughly half of what neighbouring countries pay for fuel, and our products meet the world’s highest standards,” he said.
Dangote commended the Federal Government, Lagos State Government, and the refinery’s host community in Lekki for their continued support.
He described the refinery’s expansion as “a statement of confidence” in Nigeria, its people, and Africa’s industrial future.
“This expansion is not just about increasing capacity; it’s about building confidence — in our people, in our government, and in Africa’s potential,” he noted. “When Africa builds its own capacity, it builds its own destiny.”
The expansion project, expected to be completed within three years, will be financed through internal cash flow, public listing, and strategic investors.
Once completed, the facility will surpass India’s Jamnagar Refinery to become the world’s largest refinery.
Dangote revealed that the refinery’s polypropylene output will grow from 900,000 to 2.4 million metric tonnes annually, while power generation capacity will increase to 1,000 megawatts for full operational independence.
Over 85% of the workforce will be Nigerians, with ongoing investments in skills development and technology transfer.
The business mogul said the expansion would further boost Nigeria’s energy security, reduce forex spending on fuel imports, and save the country billions of dollars annually.
He estimated that the refinery’s annual revenue could exceed $55 billion, making it one of Africa’s most valuable industrial assets.
Dangote also confirmed plans to list a significant portion of the refinery’s shares on the Nigerian Exchange (NGX) next year, saying it would “give Nigerians the opportunity to own a stake in the nation’s biggest industrial project.”
“Our long-term goal remains clear: to make Nigeria the refining hub of Africa and one of the world’s leading energy producers,” he concluded.