ABUJA, Nigeria (VOICE OF NAIJA)-The President of the Dangote Group, Aliko Dangote, has disclosed that most Nigerians are unaware they are paying significantly less for petrol compared to other West African nations just 55 per cent of what citizens in neighbouring countries pay.
Dangote made this known during a courtesy visit by the President of the Economic Community of West African States (ECOWAS) Commission, Dr. Omar Touray, and his delegation to the 650,000-barrel-per-day Dangote Refinery.
The visit was detailed in a statement issued by the Dangote Group on Sunday.
The billionaire industrialist highlighted the role of the refinery in driving down fuel prices, revealing that petrol is currently being sold 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 per cent of what others in the region are paying for petrol,” he said.
Dangote further emphasised the transformative impact of local refining on fuel affordability and economic productivity, especially across key sectors.
“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,” he said.
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Stressing the importance of intra-African trade, Dangote said the continent stands to gain immensely by leveraging local production and regional cooperation.
He reiterated his call for economic self-sufficiency across Africa.
“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,” it was stated.
While conducting the ECOWAS delegation around the multi-billion-dollar facility, Dangote hinted at more developments to come, stating that the company has “a much larger initiative in the pipeline, something we’ve not yet announced.”
He urged Nigerians to see the refinery as their own, assuring them that “this refinery is built for them, and they will enjoy the maximum benefit from it.”
Aliko Dangote has reiterated that the Dangote Refinery is fully capable of supplying Nigeria and the wider West African region with petroleum products, countering scepticism about the facility’s production 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 said.
Dangote attributed the recent drop in fuel prices to the start of local refining operations, noting that this development is helping to improve affordability, strengthen energy security, and reduce reliance on imported fuel.
In response, the President of the ECOWAS Commission, Dr Omar Touray, described the refinery as a symbol of hope for Africa’s industrial future and a clear example of the potential of private sector-led growth.
“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.
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“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 was quoted.
Touray further emphasised the importance of refining fuel locally, noting that the Dangote refinery’s ability to produce Euro V standard products is crucial in helping ECOWAS countries meet the 50ppm sulphur limit an environmental and health benchmark that many imported fuels fail to achieve.
“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.
During the visit, Touray also called for deeper collaboration between African governments and the private sector.
He stressed that policy formulation must be grounded in the lived experiences and needs of industrial leaders.
“We believe our visit also serves as an opportunity to hear directly from Mr Dangote, about what the private sector expects from the ECOWAS community,” he said.
Touray noted that as ECOWAS marks its 50th anniversary, the community is intensifying efforts to work more closely with the business sector, to better understand and respond to their challenges.
“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.
He also highlighted the urgent need for the region to embrace an industrial strategy capable of addressing persistent issues such as unemployment, poverty, and insecurity.
Touray pledged ECOWAS’ full backing in facilitating access for large-scale manufacturers like Dangote Group to markets across the region and encouraged other African nations to emulate Nigeria’s approach by investing in infrastructure that serves the continent collectively.