By: Pentho Goldmark Nigeria’s nearly 50-year battle with fuel scarcity may finally be over, according to Africa’s richest man and Presiden...
By: Pentho Goldmark
Nigeria’s nearly 50-year battle with fuel scarcity may finally be over, according to Africa’s richest man and President of Dangote Petroleum Refinery, Aliko Dangote.
Speaking in Lagos at a conference to mark the first anniversary of petrol production from the $20 billion, 650,000 barrels-per-day refinery, Dangote declared that the country has entered a “new era” of energy stability since the facility began producing Premium Motor Spirit (PMS) on September 15, 2024.
“We have been battling fuel queues since 1975, but today Nigerians are witnessing a new era,” he said.
Dangote recalled the enormous risks involved in embarking on the refinery project, noting that many industry experts and financiers had warned that such a venture was too ambitious for private hands and should be left to sovereign governments.
“The decision to build the refinery was not easy. If it had gone wrong, lenders would have taken our assets. But we believed in Nigeria and Africa,” he explained.
Despite skepticism, opposition, and economic headwinds, the refinery has already made a mark. Petrol prices, which hovered near ₦1,100 per litre before the refinery commenced operations, have since dropped to around ₦841 in states including Lagos, Abuja, Delta, Rivers, Edo, and Kwara.
To ensure that relief spreads across the country, Dangote revealed that 4,000 Compressed Natural Gas (CNG)-powered trucks have been deployed. This initiative, he said, will not only stabilise supply but also create about 24,000 jobs spanning drivers, mechanics, fleet managers, and other support staff.
“Our employees earn salaries three times the minimum wage. Drivers get a living wage, life insurance, health insurance for their families, and a lifelong pension. We have not displaced jobs; we are creating more,” he said.
Between June and early September 2025, the refinery exported over 1.1 billion litres of petrol, underscoring its dual role of satisfying local demand and generating foreign exchange for Nigeria.
Beyond fuel, Dangote said the refinery has already become a catalyst for Nigeria’s broader industrialisation drive. He warned against the dumping of cheap foreign goods, stressing that heavy reliance on imports would “export jobs and import poverty.”
“Other nations were not industrialised by outsiders. We must build and industrialise our own economies,” he cautioned, citing the collapse of Nigeria’s textile industry as an example of what over-dependence on imports can do.
Dangote announced that the refinery’s capacity will be expanded to 700,000 barrels per day in its second year of operation. He also outlined broader ambitions to make Nigeria Africa’s refining hub and a global leader in fertiliser and polypropylene production.
“These initiatives will generate substantial foreign exchange, create employment, and stimulate growth in other sectors,” he said.
Despite opportunities to acquire filling stations and enter the retail market, Dangote reaffirmed that his company would instead focus on collaborating with downstream players to ensure sustainable distribution.
Dangote expressed gratitude to the Federal Government, regulators, and the Independent Petroleum Marketers Association of Nigeria (IPMAN) for their role in backing the refinery’s distribution strategy.
He also showcased some of the newly deployed CNG trucks, assuring that the government and security agencies are committed to safeguarding drivers, trucks, and other critical infrastructure.
In his closing remarks, Dangote reiterated that the refinery represents more than just fuel production.
“The refinery is not just about fuel; it’s about building a stronger economy, creating jobs, and positioning Nigeria as an industrial leader,” he said.
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