Africa’s richest man, Mr Aliko Dangote, has assured Nigerians of stability in the price of premium motor spirit (PMS), otherwise known as petrol, during this year’s festive period.
In a chat with newsmen recently, the businessman also said there would be enough supply of the product in the ember months to meet the needs of consumers.
According to him, his $20 billion crude oil refinery in Lagos has the capacity to produce more than the daily consumption of Nigeria, noting that plans are underway to increase the crude oil refining capacity of the Dangote Petroleum Refinery to 1.4 million barrels per day (bpd) from 650,000 bpd in the next three years.
He noted that, “This expansion will create additional jobs, support thousands of SMEs, and deepen our industrial base. Our goal has never been just to refine oil, but to refine opportunities for our people.”
“This expansion is not just about capacity; it is about confidence — in our people, in our government, and in our continent. Together, we are building a stronger Nigeria and redefining what is possible for Africa,” he added.
Mr Dangote also said he sees refining a long-term project, noting “we are expanding because we believe in Africa. Without this refinery, Nigeria would still be buying dollars at ridiculous rates and depleting our reserves to import fuel.”
He emphasised that Nigeria’s pump price remains among the lowest in the region despite the refinery’s production of higher-quality, cleaner fuels that have reduced toxic dumping in the country, stating that the refinery has already made a difference by stabilising local fuel supply, helping to strengthen the naira, and preventing capital flight.
“Nigerians today buy petrol at roughly half the price of what our neighbours pay, and it is even cheaper than in Saudi Arabia. Our product is of higher quality, meeting Euro VI standards, and it has significantly reduced the dumping of toxic fuel into our market,” he said.
“I want to assure Nigerians that the Dangote Refinery is fully committed to maintaining uninterrupted supply of petrol throughout the festive period. For the first time in many years, Nigerians can look forward to a Christmas and New Year free of fuel anxiety,” he disclosed.