The president of Dangote Group, Aliko Dangote, has stated that Nigerians are currently paying 55% of the number of neighboring countries and others in the CEDEAS region are buying gasoline, also known as Spirit Motor Premium (PMS).
Dangote said this during a high -level visit from the Ecowas commission to the Dangote refinery of 650,000 barrels per day and petrochemicals in Lagos.
The delegation of the highest political and economic bloc in the region, led by its president, Dr. Omar Alieu Turay, also included the Ecowas Infrastructure, Energy and Digitalization Commissioner, Sediko Douka; Internal Services Commissioner, Prof. Nazifi Abdullahi Darma; Private sector director/SME, Dr. Tony Luka Elumelu; and the chief of cabinet of Dr. Turay, Hon Abdou Kolley, among others.
Aliko Dangote, who directed the delegation in a detailed tour of the facilities, explained the challenges and milestones involved in giving life to the world's single training refinery.
He reiterated his long position that the continuous dependence of Africa of imported goods is unsustainable and makes economic sovereignty difficult.
“While we continue to import what we can produce, we will remain underdeveloped,” Dangote said. “This refinery is proof that we can build for ourselves on scale, to global standards.”
Speaking about the benefits of indigenous industrial companies that serve individual nations and the entire continent, Dangote said that Nigerians are benefiting from local refining, since the price of gasoline is cheaper after falling significantly compared to neighboring countries.
He pointed out that the Dangote refinery is fully equipped to meet Nigeria's oil needs and the entire West Africa region, counteracting the statements that the installation would not produce enough for local and regional demand.
“There have been many statements that suggest that we do not even produce enough to meet Nigeria's needs, so how could we supply other western Africa countries? But now they are here to see reality for themselves and, what is more important, to encourage other nations to embark on similar large -scale industrial projects,” he said.
By pointing out that Africa will benefit greatly by encouraging trade between its countries, especially through the additional value to the abundant resources of the continent, Dangote emphasized how the refinery has helped Nigeria reduce the cost of refined products and production costs in many sectors of the economy.
“Last year, when we started the production of diesel, we were able to reduce the price of N1,700 to N1,100 to a GO, and starting today, the price has crashed even more. This reduction has had a significant impact in several sectors. It has supported the industries, has benefited those of the United States in mining and provided a vital relief to the agricultural sector. The effect has been from afar.
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“In neighboring countries, the average price of gasoline is around $ 1 per liter, which is N1,600. But here in our refinery, we are selling between N815 and N820. Many Nigerians do not realize that they are currently paying only 55% of what others in the region are paying for the oil. We also have a much larger initiative in the pipeline, something that we have not yet announce that we do not know, and that they should be what it refers to, and that we do not know, and that we do not know, and that we do not know, and that we do not know, and that we do not know them, but it is not known that the Nigerians should be so goods, but we do not know that the Nigerians, and that we do not know, but it is not known that the Nigerians should be so informed.
He stressed that this price reduction is a direct result of local refining, which continues to improve fuel affordability while improving energy security and reduces import dependence.
The president of the CEDEA Commission, Dr. Omar Alieu Touray, while speaking, told Dangote Petroleum Refinery a lighthouse of hope for the future of Africa, and a clear demonstration of what the private sector can achieve in the impulse of regional industrialization.
“What I have seen today gives me high hopes, and all those who do not believe in Africa should come here. Visiting here will give more hope because this is exactly what our continent should focus,” said Dr. Turay, visibly moved by the scale and sophistication of the installation.
“We have seen something that I could not have imagined, and the capacity in all areas is really impressive. We congratulate Alhaji Dangote for this confidence in Africa because I think you do this only when you have confidence, and he has a vision for Africa, and this is what we should all work to encourage,” he added.
Turay pointed out that the refinery, which produces fuel to the Euro V standard, is essential to allow the CEDEAS region to fulfill its 50 ppm sulfur limit for oil derived products; A standard, many imported fuels do not meet, raise health and environmental risks between member states.
“We are still importing products below our standard when a regional company such as Dangote can meet and overcome these requirements,” he said. “The private sector must take the lead in the industrialization of the Cecoas.”
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