Africa’s richest man and President of Dangote Petroleum Refinery, Aliko Dangote, has declared that his 650,000 barrels per day refinery has ended Nigeria’s five-decade-long fuel scarcity and is saving the country about $1 billion annually in demurrage costs.
Speaking on Monday at the refinery complex in Lagos during a press conference to mark the first anniversary of the launch of petrol production and the rollout of 10,000 compressed natural gas (CNG)-powered trucks, Dangote said Nigerians had endured persistent fuel queues since 1975 but are now witnessing “a new era.”
He noted that the refinery’s output has significantly reduced the price of petrol from nearly ₦1,100 per litre before production began to ₦841 in parts of the country, with plans for the gradual rollout of CNG trucks to drive further cost reductions nationwide.
Dangote also revealed that between June and the first week of September 2025, the facility exported over 1.1 billion litres of Premium Motor Spirit (PMS), underscoring its capacity to meet domestic demand and earn foreign exchange. He disclosed plans to expand the refinery’s capacity to 700,000 barrels per day in its second year of operation.
Highlighting the refinery’s role in job creation, Dangote stated that 4,000 CNG-powered trucks would generate at least 24,000 jobs across Nigeria. He said employees are paid three times the minimum wage with life and health insurance, pensions, and additional benefits, emphasising that no jobs have been displaced.
He reaffirmed his commitment to Nigeria’s industrialisation, warning against the dumping of cheap imports and urging the National Assembly to enact legislation supporting the Federal Government’s “Nigeria First” policy. “We must build and industrialise our own economies. Relying on imports means exporting jobs and importing poverty,” he said.
Dangote announced plans to begin investment in electric vehicles from January 2026 and projected $500 million in annual cement exports starting next year. He stressed that the refinery will remain open to partnerships but will not enter the retail market, focusing instead on strengthening supply and boosting Nigeria’s position as Africa’s refining hub.
He thanked the Federal Government, partners, the Independent Petroleum Marketers Association of Nigeria (IPMAN), and the Nigerian public for their continued support, while showcasing the CNG-powered trucks now loading petrol from the facility.
