Africa’s richest man and President/Chief Executive of Dangote Petroleum Refinery, Aliko Dangote, says Nigeria’s long nightmare of fuel scarcity is over, one year after his 650,000 barrels per day refinery began producing petrol.
Speaking at a press conference to mark the refinery’s first anniversary in Lagos, Dangote declared that the facility has rescued Nigeria from nearly five decades of persistent fuel queues and saved the country over $11 billion previously lost to demurrage payments.
According to him, the refinery has stabilised fuel supply since commencing production on September 15, 2024, while also reducing pump prices. Petrol, which sold for nearly ₦1,100 per litre, now goes for ₦841 in several parts of the country, including Abuja, Lagos, Rivers, Delta, Edo and Kwara. He assured that the benefits will spread nationwide as the company rolls out 10,000 compressed natural gas (CNG)-powered trucks, with 4,000 already in deployment.
“We have been battling fuel queues since 1975, but today Nigerians are witnessing a new era,” Dangote said.
A Risk Worth Taking
Dangote admitted that building the refinery was a huge gamble. He recalled warnings from investors and industry experts who argued that only sovereign states could undertake such a massive project.
“The decision was not easy. If it had gone wrong, lenders would have taken all my assets. But we believed in Nigeria and Africa,” he explained.
Since June 2025 alone, the refinery has exported over 1.1 billion litres of petrol, boosting Nigeria’s foreign exchange earnings while still meeting domestic demand.
Job Creation and Worker Welfare
Dangote dismissed fears that the refinery and CNG trucks would displace workers. Instead, he said the project is generating thousands of jobs. The deployment of CNG trucks alone is expected to create 24,000 new jobs nationwide.
“Our drivers earn three times the minimum wage, enjoy health insurance for themselves, their spouses and up to four children, life insurance, and pensions. We are also employing mechanics, fleet managers, and other professionals,” he added.
Industrialisation as a National Priority
Dangote stressed the need to protect Nigeria’s local industries from foreign dumping, warning that neglect had destroyed once-thriving sectors like textiles.
“Other nations were not industrialised by outsiders. We must build and industrialise our own economies. Relying on imports means exporting jobs and importing poverty,” he warned, urging the National Assembly to strengthen laws supporting local industries.
Future Plans: Expansion, EVs, Fertiliser, Cement Exports
Looking ahead, Dangote revealed that the refinery will expand its capacity to 700,000 barrels per day in its second year of operation. He also announced plans to begin Electric Vehicle (EV) investments by January 2026 and confirmed that Nigeria would start earning $500 million annually from cement exports next year.
Additionally, the refinery aims to make Nigeria Africa’s refining hub and the world’s leading producer of fertiliser and polypropylene.
Partnerships and Security
Dangote assured that the refinery will not compete in retail sales but will continue working with existing marketers, including the Independent Petroleum Marketers Association of Nigeria (IPMAN).
He also dismissed fears of insecurity around CNG trucks, insisting that Nigeria is governed by law and that security agencies will protect both drivers and infrastructure.
Grateful for the support of government, partners, workers, and Nigerians, Dangote described the refinery as a turning point in Nigeria’s industrial history.
“Nigeria is now on the path to becoming the refining hub of Africa. We are committed to adding value, creating jobs, and supporting sustainable economic growth,” he concluded.
