Nigeria’s petrol price is 55 per cent lower than the average paid in West African countries, according to the President of the Dangote Group, Aliko Dangote, who credited the company’s new refinery for the significant drop in fuel costs.
Dangote, speaking during a high-level visit by ECOWAS Commission President, Dr Omar Touray, to the 650,000 barrels-per-day Dangote Refinery, disclosed that petrol produced locally is being sold at between N815 and N820 per litre, compared to an average of N1,600 per litre (approximately $1) in neighbouring countries.
“Many Nigerians don’t realise that they are currently paying just 55 per cent of what others in the region are paying for petrol,” Dangote said, highlighting the direct benefits of local refining in reducing the nation’s fuel expenses.
The billionaire industrialist added that the refinery’s earlier diesel production had already driven prices down drastically — from N1,700 to N1,100 per litre — easing costs for key sectors such as mining, agriculture, and manufacturing.
During the visit, ECOWAS President Touray described the facility as a “beacon of hope” and a model for African industrial development. “What I have seen today gives me a lot of hope. Everybody who doesn’t believe in Africa should come here,” he said.
Touray praised Dangote’s vision and commitment to regional self-reliance and pledged ECOWAS’ full support for regional market access, stating, “We cannot continue to make decisions on behalf of the private sector from a distance.”
He emphasised the importance of the refinery’s ability to meet Euro V standards, noting its significance in helping the ECOWAS region achieve its 50ppm sulphur limit — a feat most imported fuels fail to meet.
Addressing doubts about the refinery’s capacity, Dangote assured that the facility is fully equipped to meet Nigeria’s fuel demand and even export to other West African countries. “This refinery is proof that we can build for ourselves at scale, to global standards,” he noted.
He also hinted at an upcoming “much larger initiative” yet to be announced, further assuring Nigerians that the refinery was built to serve the country’s interests.
The ECOWAS delegation included senior officials such as Commissioner for Infrastructure, Sediko Douka; Commissioner of Internal Services, Prof. Nazifi Darma; Director of Private Sector/SME, Dr Tony Elumelu; and Touray’s Chief of Staff, Abdou Kolley.
The Dangote Refinery, which began production in 2024, is Africa’s largest single-train facility and is central to Nigeria’s drive toward energy self-sufficiency, foreign exchange savings, and regional economic leadership.
