Aliko Dangote, president of the Dangote Group, says Nigerians are paying only 55 percent of what citizens in other West African countries spend on petrol, thanks to local refining.
Dangote made the statement during a visit to his refinery by Omar Touray, president of the Economic Community of West African States (ECOWAS) Commission.
“In neighbouring countries, the average price of petrol is around $1 per litre, which is about ₦1,600. But here at our refinery, we’re selling between ₦815 and ₦820,” he said.
He emphasized that Nigerians are reaping the benefits of domestic production, adding that more initiatives are in development to enhance the country’s energy independence.
Dangote said the refinery not only makes fuel more affordable but also boosts energy security and reduces reliance on imports. “As long as we keep importing what we can produce, we will remain underdeveloped,” he stated.
He also clarified that the refinery is capable of meeting Nigeria’s fuel demands, contrary to public skepticism. “Now they are here to see the reality for themselves and to encourage similar projects across the continent,” he added.
He noted that local production has already led to major price reductions, such as diesel dropping from ₦1,700 to ₦1,100, positively impacting various sectors including mining and agriculture.
Speaking during the visit, ECOWAS President Omar Touray highlighted the refinery’s importance in helping the region meet its 50 parts per million (ppm) sulphur limit for petroleum products. He urged more private sector involvement in regional industrialisation.
Touray also noted that ECOWAS aims to better engage the private sector and understand the challenges it faces, particularly in industrial infrastructure development.
He pledged the Commission’s support in helping regional industrial leaders like the Dangote Group access broader ECOWAS markets, adding that Africa needs to adopt an industrial strategy to address unemployment, poverty, and insecurity.