Dangote Assures Stable Fuel Prices During Festive Season

Africa’s richest man and President of the Dangote Group, Aliko Dangote, has announced plans to expand the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd, a move that will make it the largest refinery in the world once completed.

Speaking at a press conference in Lagos on Sunday, Dangote said the expansion represents a renewed confidence in Nigeria’s economic prospects and aligns with President Bola Ahmed Tinubu’s vision of positioning the country as a global supplier of refined petroleum products.

“We are more than doubling the barrels—from 650,000 to 1.4 million,” Dangote said. “This expansion is about confidence in Nigeria, in Africa, and in our capacity to shape our own energy future.”

No Fuel Price Increase During Festive Season

Addressing rising concerns over fuel prices during the year-end period, Dangote assured Nigerians that petrol prices will remain stable throughout the ember months, despite recent spikes in global oil prices.

“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 fluctuated from about ?189 per litre in 2023 to above ?1,000 earlier in 2025, before stabilising between ?800 and ?900 per litre. Dangote emphasised that despite this, Nigeria still has one of the lowest pump prices in the region, while producing cleaner Euro VI-standard fuels that meet the world’s highest environmental standards.

“Nigerians today buy petrol at roughly half the price of what our neighbours pay, and it’s even cheaper than in Saudi Arabia,” he said. “Our product is of higher quality, and it has significantly reduced the dumping of toxic fuel into our market.”

Expansion Details and Economic Impact

The refinery’s capacity expansion will be executed over the next three years, financed through a mix of cash flow, public listing, and strategic investors. When completed, the facility will surpass India’s Jamnagar Refinery, currently the world’s largest.

Dangote revealed that the expansion will create about 65,000 jobs during the construction phase and deepen local participation in Nigeria’s oil and gas value chain. The refinery will also:

• Increase polypropylene production from 900,000 to 2.4 million metric tonnes per annum.
• Expand output of base oils and linear alkylbenzene, a key ingredient in detergents.
• Upgrade fuel production from Euro V to Euro VI standards, meeting global environmental benchmarks.
• Expand power generation capacity to 1,000 megawatts, ensuring complete operational self-sufficiency.

Dangote said more than 85% of the workforce will be Nigerians, with sustained investment in skills development and technology transfer.

“Our goal has never been just to refine oil, but to refine opportunities for our people,” he stated. “This project will strengthen Nigeria’s energy security, reduce foreign exchange outflows, and save the country billions of dollars annually.”

He estimated that the refinery’s revenue could exceed $55 billion annually, making it one of Africa’s most valuable industrial assets.

Listing on the Nigerian Exchange

Dangote reaffirmed plans to list a significant portion of the refinery’s shares on the Nigerian Exchange (NGX) within the next year, describing it as a step toward democratizing ownership.

“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. This is a national asset in every sense.”

Government Support and Vision for Africa

The industrialist commended the Federal and Lagos State Governments, the refinery’s host community in Lekki, and its financial and technical partners for their support.

“This expansion is not just about capacity; it’s about confidence — in our people, in our government, and in our continent,” he said. “When Africa builds its own capacity, it builds its own destiny.”

Dangote concluded by reaffirming his commitment to President Tinubu’s energy reform agenda, saying the project represents “a vote of confidence in Nigeria’s reforms and in the ability of Africans to build and manage world-class infrastructure.”

The $20 billion refinery, commissioned in May 2023, began production in January 2024 and has since stabilised local fuel supply, strengthened the naira, and reduced petrol importation.