President of Dangote Industries Limited, Aliko Dangote, has assured Nigerians that there will be no petrol scarcity during the upcoming festive season, despite global price increases.
Dangote gave the assurance on Sunday while announcing plans to expand the Dangote Petroleum Refinery’s capacity from 650,000 barrels per day (bpd) to 1.4 million bpd, positioning it among the largest refineries in the world.
“I want to assure Nigerians that the Dangote Refinery is fully committed to maintaining an uninterrupted supply of petrol throughout the festive period,” Dangote said. “For the first time in many years, Nigerians can look forward to a Christmas and New Year free of fuel anxiety.”
The assurance comes as petrol pump prices in Nigeria have dropped to between ₦800 and ₦900 per litre from over ₦1,000, despite a sharp rise in global crude prices.
Dangote noted that Nigeria’s petrol remains among the cheapest in the region, even as the refinery produces higher-quality Euro VI fuels, helping to curb the importation of low-grade, toxic fuel.
“Nigerians today buy petrol at roughly half the price of what our neighbours pay, and even cheaper than in Saudi Arabia,” he said. “Our products meet the highest environmental standards and have reduced toxic dumping in our markets.”
The industrialist commended the Federal Government, Lagos State Government, and host communities for their support, adding that the refinery’s expansion reflects confidence in Nigeria’s economy and Africa’s energy future.
He revealed that the expansion project will span three years and will be financed through a mix of internal cash flow, a public listing, and strategic investors. Upon completion, the refinery will surpass India’s Jamnagar Refinery—currently the world’s largest—and cement Nigeria’s status as a global refining hub.
The project will also boost the refinery’s polypropylene output from 900,000 metric tonnes to 2.4 million metric tonnes annually, alongside increased production of base oils and linear alkylbenzene, vital for detergent manufacturing.
Dangote said the refinery will expand its power generation capacity to 1,000 megawatts, ensuring full energy self-sufficiency, with over 85% of its workforce being Nigerians.
Highlighting the project’s economic impact, Dangote projected that the expansion could generate over $55 billion in annual revenue, strengthen energy security, reduce forex outflows, and save the country billions spent on fuel imports.
He confirmed plans to list a major portion of the refinery’s shares on the Nigerian Exchange (NGX) next year, describing it as an effort to democratise ownership and allow Nigerians to benefit directly from the project.
“Our main listing will be here in Nigeria to give Nigerians value,” he said. “We want the Dangote Refinery to be the golden stock of the Exchange. Listing outside Nigeria is secondary to us.”
Dangote emphasised that the expansion aligns with President Bola Ahmed Tinubu’s vision of transforming Nigeria into Africa’s leading refining hub.
“It is the dream of President Tinubu for Nigeria to emerge as one of the world’s major suppliers of petroleum products,” he said. “With his support and policies, we are determined to make this a reality.”
Commissioned in May 2023, the $20 billion refinery is the world’s largest single-train facility. Dangote said its success has already stabilised Nigeria’s fuel supply, strengthened the naira, and spurred industrial growth.
“Our goal has never been just to refine oil, but to refine opportunities for our people,” he added. “This expansion is a vote of confidence in Nigeria’s future and in Africa’s capacity to build and manage world-class infrastructure.”
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