The President of Dangote Industries Limited, Alhaji Aliko Dangote, has assured Nigerians that there will be no petrol scarcity throughout the festive season, as his refinery ramps up production and begins expansion to boost output and price stability across the country.
Dangote made this known on Sunday while announcing a major expansion of the Dangote Petroleum Refinery from its current capacity of 650,000 barrels per day (bpd) to 1.4 million bpd.
Despite recent fluctuations in global oil prices, the billionaire industrialist maintained that petrol prices in Nigeria will remain stable during the ember months, a period often marked by fuel shortages.
“In the last three days, we have seen an eight per cent rise in global oil prices. Nevertheless, I want to assure Nigerians that the Dangote Refinery will maintain uninterrupted fuel supply through the festive season. For the first time in years, citizens can look forward to a Christmas and New Year without fuel scarcity,” he stated.
Since the beginning of 2025, petrol pump prices in Nigeria have dropped from over ₦1,000 per litre to between ₦800 and ₦900, after peaking from ₦189 per litre in 2023. Dangote attributed this relative stability to improved local refining capacity and a reduction in import dependency.
He emphasised that Nigeria’s current petrol price remains among the lowest in the West African sub-region, despite the refinery’s production of Euro VI-compliant, cleaner fuels that meet international environmental standards.
“Nigerians today buy petrol at roughly half the price paid by our neighbouring countries. Our product is cleaner, safer, and meets global quality benchmarks. We have also reduced toxic dumping in the country’s fuel market,” Dangote added.
The business magnate also confirmed that the refinery’s ongoing expansion would strengthen Nigeria’s energy security, save billions of dollars in foreign exchange annually, and enhance national revenue through refined exports.
Dangote further revealed that the expansion project — estimated to make the facility the world’s largest refinery — will be executed over the next three years, financed through internal cash flow, a public listing on the Nigerian Exchange (NGX), and strategic investments.
“Our main listing will be here in Nigeria to give Nigerians value. We want the Dangote Refinery to be the ‘golden stock’ of the Exchange,” he said. “Listing abroad will be secondary — this project is a national asset and will democratise ownership among citizens.”
The expansion, he added, would also increase the refinery’s polypropylene production from 900,000 metric tonnes to 2.4 million metric tonnes annually, while expanding power generation capacity to 1,000 megawatts for full operational independence.
More than 85% of the refinery’s workforce will be Nigerians, according to Dangote, who said the project continues to invest heavily in skills transfer, safety, and sustainability.
He praised the Federal Government, the Lagos State Government, and the host community in Lekki for their cooperation and support, noting that the initiative aligns with President Bola Ahmed Tinubu’s vision of making Nigeria the refining hub of Africa.
“This expansion is not just about increasing output; it is about building confidence — in Nigeria, in Africa, and in our collective capacity to shape our energy future,” he said.
When completed, the project will not only make Nigeria self-sufficient in refined petroleum products but also position the country as a leading exporter of high-quality fuels. Dangote estimated the refinery’s annual revenue potential at over $55 billion, underscoring its role as one of Africa’s most valuable industrial assets.
