By Ọmọsọla Olumide
President of Dangote Industries Limited, Alhaji Aliko Dangote, has assured Nigerians that there will be no petrol scarcity during the upcoming festive season, despite recent global increases in crude oil prices.
Speaking on Sunday while announcing the expansion of the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd, Dangote said the company is fully committed to ensuring uninterrupted fuel supply through the end of the year.
“In the last three days, we have witnessed an eight per cent spike in global oil prices,” he noted. “But I want to assure Nigerians that the Dangote Refinery is fully committed to maintaining an uninterrupted supply of petrol throughout the festive period. For the first time in many years, Nigerians can look forward to a Christmas and New Year free of fuel anxiety.”
Petrol prices in Nigeria have climbed from about ₦189 per litre in 2023 to over ₦1,000, before stabilizing between ₦800 and ₦900 per litre in 2025. Dangote, however, stressed that Nigeria’s pump price remains among the lowest in the region despite the production of higher-quality, cleaner fuels.
“Nigerians today buy petrol at roughly half the price of what our neighbours pay, and it is even cheaper than in Saudi Arabia,” he said. “Our products meet Euro VI standards, and they have significantly reduced the dumping of toxic fuels into our market.”
Refinery Expansion and Economic Impact
Dangote explained that the refinery’s capacity expansion was driven by Africa’s growing demand for cleaner fuels, as well as supportive government policies encouraging local refining.
“This expansion is not just about capacity; it is about confidence — in our people, our government, and our continent,” he said. “Together, we are building a stronger Nigeria and redefining what is possible for Africa.”
According to Dangote, the project will be executed over the next three years and financed through a combination of cash flow, public listing, and strategic investors. Once completed, the facility will surpass India’s Jamnagar Refinery, currently the world’s largest, positioning Nigeria as a major global refining hub.
The expansion will also boost polypropylene production from 900,000 metric tonnes to 2.4 million metric tonnes annually, while increasing power generation capacity to 1,000 megawatts for complete operational self-sufficiency. Over 85% of the refinery’s workforce will be Nigerians, he added.
Dangote emphasised that the project will help strengthen Nigeria’s energy security, reduce foreign exchange losses, and save billions of dollars in import costs annually. He estimated potential yearly revenue at over $55 billion, making it one of Africa’s most valuable industrial assets.
Listing on the Nigerian Exchange
The business mogul also reaffirmed plans to list a significant portion of the refinery’s shares on the Nigerian Exchange (NGX) within the next year.
“Our main listing will be here in Nigeria to give Nigerians value,” he stated. “We want the Dangote Refinery to be a national asset in every sense — a golden stock of the Exchange. Listing outside Nigeria is secondary to us.”
He expressed gratitude to the Federal Government, the Lagos State Government, and the Lekki host community for their support, describing the expansion as a “vote of confidence” in Nigeria’s economy and President **Bola
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