ABUJA, NIGERIA – Nigerian billionaire Aliko Dangote has urged President Bola Tinubu’s administration to include refined petroleum products in the list of items banned under the government’s ‘Nigeria First’ policy. However, this proposal has met with unanimous rejection from oil marketers and some industry analysts.
Speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets, Aliko Dangote, President of the Dangote Group, argued that continued fuel importation is detrimental to local refining efforts and discourages further investment in Nigeria’s energy sector. He called for deliberate steps, similar to those taken by the United States, Canada, and the European Union, to protect domestic producers from what he described as “unfair competition” and the “dumping of cheap, often toxic petroleum products” that would not be permitted in Western markets. Dangote specifically mentioned subsidised Russian fuel affecting local pricing, forcing his refinery to sell products below cost.
The ‘Nigeria First’ policy, introduced by President Tinubu in May, aims to prohibit government agencies from importing goods or services that are available locally, requiring justification and a waiver from the Bureau of Public Procurement for any exceptions. Dangote asserted that this policy should extend to the petroleum products sector. He claimed that his $20 billion refinery can meet Nigeria’s domestic fuel needs and has already begun exporting products, with approximately 1.35 billion litres of petrol exported globally between June and July 2025.
However, oil marketers and analysts have strongly opposed the proposed ban. Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), warned that such a ban would lead to inflation and monopoly, given that the Dangote refinery is currently the only major operational refinery in the country. He argued that importation would “strengthen” local refineries by fostering competition, rather than killing them.
Similarly, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), stated that no single company should be allowed to dominate the downstream sector in a free economy. He emphasised the need for multiple energy sources to ensure stability. Professor Dayo Ayoade, an energy expert at the University of Lagos, echoed these concerns, warning that a ban would promote monopolistic tendencies and pose risks to energy and national security. He also raised questions about the compatibility of such a ban with international trade laws.
Despite the opposition, Dangote reiterated his call for the regulator to encourage the construction of more refineries and to withdraw dormant refinery licenses from those not utilising them. He recently announced his retirement as a Director and Chairman of the Board of Directors of Dangote Cement, effective July 25, 2025, to focus more attention on his refinery and other key ventures.
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