Lagos, June 2, 2025 – Aliko Dangote, the Chief Executive of Dangote Group, says Nigerians pay just 55 percent of what citizens of other West African countries pay for a litre of petrol.
Dangote said this at the weekend during a visit by Omar Touray, the President of the Economic Community of West African States Commission (ECOWAS), to the Dangote Refinery and Petrochemical Complex in Lagos.
He said while the average price of petrol in neighboring countries hovered around $1 per litre (approximately N1,600), the Dangote Refinery was selling at between N815 and N820 per litre.
“Many Nigerians don’t realise that they are currently paying just 55% of what others in the region are paying for petrol,”
“In neighbouring countries, the average price of petrol is around $1 per litre, which is N1,600. But here at our refinery, we’re selling at between N815 and N820.
“We also have a much larger initiative in the pipeline, something we’ve not yet announced, but Nigerians should know that this refinery is built for them, and they will enjoy the maximum benefit from it,” he said.
Dangote said his company was able to sell petrol at the price because of local refining, which continues to improve fuel affordability while enhancing energy security and reducing dependence on imports.
Responding, Touray described the Dangote refinery as a beacon of hope for Africa’s future and a clear demonstration of what the private sector could achieve in the drive for regional industrialisation.
“What I have seen today gives me a lot of hope, and everybody who doesn’t believe in Africa should come here. Visiting here will give you more hope because this is exactly what our continent should focus on.
“We have seen something I couldn’t have imagined, and really, the capacity in all areas is impressive. We congratulate Alhaji Dangote for this trust in Africa because I think you do this only when you have the trust, and he has a vision for Africa, and this is what we should all work to encourage.
“We are still importing products below our standard when a regional company such as Dangote can meet and exceed these requirements.
“The private sector must take the lead in ECOWAS industrialization.
“We believe our visit also serves as an opportunity to hear directly from Mr Dangote, about what the private sector expects from the ECOWAS community.
“We cannot continue to make decisions on behalf of the private sector from a distance.
“Visits like this provide us with first-hand experience and direct insight into the challenges they face—challenges that authorities and government officials must work to address.
“We often speak about poverty eradication and youth employment, but the government alone may not have the capacity to achieve these goals.
“Only the private sector can deliver the scale of impact required, and it is essential that we listen to them, understand how these objectives can be met, and identify the bottlenecks they face so that they can be effectively addressed.
“This is the only realistic path to creating jobs and fostering genuine prosperity across our economies,” he said.
