President of Dangote Group, Aliko Dangote, has highlighted that most Nigerians are unaware they currently pay just 55% of what neighboring West African countries are charged for Premium Motor Spirit (PMS), commonly known as petrol.
Speaking during a recent high-level visit to the Dangote Refinery by the President of the Economic Community of West African States (ECOWAS) Commission, Dr. Omar Touray, Dangote revealed that the refinery has significantly helped to lower fuel prices in Nigeria. He noted that petrol is being sold locally at between ₦815 and ₦820 per litre, a steep contrast to the average regional price of ₦1,600 per litre (approximately \$1).
Dangote emphasized that the 650,000 barrels-per-day refinery is already making a notable impact by reducing Nigeria’s dependence on imported fuel and lowering production costs across various sectors. “When we started producing diesel last year, the price dropped from ₦1,700 to ₦1,100 almost immediately, and it has fallen further since. This change has brought relief to industries, especially in mining and agriculture,” he explained.
He further stressed that Africa stands to gain immensely from strengthening intra-continental trade, asserting that overreliance on imports undermines the continent’s growth. “As long as we keep importing what we can produce ourselves, development will remain out of reach. This refinery is proof that large-scale, world-class industrial projects are possible in Africa,” Dangote stated.
Addressing misconceptions about the refinery’s capacity, he said the facility is capable of meeting Nigeria’s fuel needs while also supplying the wider West African region. He called for more regional collaboration and encouraged other African nations to embark on similarly ambitious industrial ventures.
He also hinted at upcoming expansions, noting, “There’s an even larger initiative underway, which we’ve yet to officially announce. This refinery was built for Nigerians, and they will continue to benefit from it.”
During the tour, Dr. Touray praised the refinery as a transformative project for Africa, calling it a symbol of hope and a testament to what the private sector can achieve. “What we’ve seen today is beyond expectation. It reinforces belief in Africa’s potential,” he remarked.
Touray highlighted that the refinery’s ability to produce fuel that meets Euro V standards is particularly significant. Many imported fuels across the region fail to meet ECOWAS’s 50ppm sulphur limit, which poses environmental and public health risks. He urged greater reliance on high-standard regional producers like Dangote, instead of low-grade fuel imports.
The ECOWAS Commission President also called for deeper collaboration between African governments and private sector leaders. He stressed that policy decisions must be informed by direct input from industrial players like Dangote to reflect on-the-ground realities.
“As ECOWAS marks its 50th anniversary, we are committed to bringing the private sector to the table. We must listen to their experiences to build an enabling environment for industrial growth,” Touray said.
He concluded by pledging ECOWAS’s support in facilitating access to broader regional markets for the Dangote Group and similar African enterprises. “We will work to open up the ECOWAS market—and beyond—for companies like Dangote. This is the type of infrastructure Africa needs to rise.”
Touray was accompanied by top ECOWAS officials including the Commissioner for Infrastructure, Energy and Digitalisation, Sediko Douka; Commissioner of Internal Services, Prof. Nazifi Darma; Director of Private Sector/SME, Dr. Tony Elumelu; and his Chief of Staff, Abdou Kolley.
