Lagos, Nigeria – Nigerian business magnate Aliko Dangote, head of the Dangote Group, has claimed that most Nigerians are currently paying 55 per cent less for petrol (Premium Motor Spirit) than consumers in other West African countries, attributing the reduction to local refining at his facility.
During a visit to the 650,000 barrels-per-day Dangote Refinery Omar Touray, President of the Economic Community of West African States (ECOWAS) Commission, and his team, Mr. Dangote stated that his refinery had helped reduce petrol prices to between N815 and N820 per litre. In neighbouring countries, the average price is reportedly around $1 per litre, equivalent to N1,600.
“Last year, when we began diesel production, we were able to reduce the price from N1,700 to N1,100 at a go, and as of today, the price has crashed further,” Dangote said, highlighting the significant impact on industries, mining, and agriculture.
Mr. Dangote reiterated his long-held view that Africa’s reliance on imported goods is unsustainable and hinders economic sovereignty. “As long as we continue importing what we can produce, we will remain underdeveloped. This refinery is proof that we can build for ourselves at scale, to global standards,” he asserted. He maintained that the facility is fully equipped to meet the petroleum needs of Nigeria and the wider West African region, countering previous claims about its production capacity.
Dr. Omar Touray, leading the ECOWAS delegation on a tour of the facility, hailed the Dangote Refinery as “a beacon of hope for Africa’s future” and a “clear demonstration of what the private sector can achieve in the drive for regional industrialisation.”
Touray noted that the refinery’s production of fuel to Euro V standard is crucial for the ECOWAS region to meet its 50ppm sulphur limit for petroleum products, a standard he said many imported fuels fail to meet, posing health and environmental risks.
The ECOWAS Commission President used the visit to call for stronger collaboration between governments and the private sector, emphasizing that policy decisions must reflect the realities faced by African industrialists. He pledged the commission’s full support to enable regional entities like the Dangote Group to access wider ECOWAS markets, encouraging other African nations to invest in infrastructure that serves the entire continent. Sources
Add Comment