No Fuel Scarcity, Price Hike This Festive Season – Dangote Promises

President of Dangote Industries Limited, Aliko Dangote, has assured Nigerians that there will be no fuel scarcity or price hike during the upcoming festive season, despite recent increases in global oil prices.

Dangote gave the assurance on Sunday while announcing the expansion of the Dangote Petroleum Refinery from its current 650,000 barrels per day (bpd) capacity to 1.4 million bpd.

“In the last three days, we have witnessed an eight per cent spike in global oil prices,” Dangote said. “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.”

‘No Price Hike Despite Global Oil Surge’

The billionaire industrialist said the decision not to increase pump prices aligns with his company’s commitment to national stability, even as global prices rise.

Nigeria’s petrol prices have fluctuated sharply over the past two years, moving from about ₦189 per litre in 2023 to over ₦1,000 before stabilising between ₦800 and ₦900 since the beginning of 2025.

Despite the volatility, Dangote said Nigeria’s pump price remains among the lowest in the West African region, crediting the refinery’s production of cleaner, higher-quality fuels for helping to stabilise the market.

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

Dangote explained that the decision to expand the refinery was driven by growing demand across Africa for cleaner fuels and by Nigeria’s evolving policy direction that encourages local refining.

“This expansion reflects our confidence in Nigeria’s future, our belief in Africa’s potential, and our commitment to building energy independence for our continent,” he stated.

The industrialist said the project will be executed over the next three years through a mix of internal cash flow, strategic investors, and a planned public listing. Upon completion, the facility will surpass India’s Jamnagar Refinery, currently the world’s largest, cementing Nigeria’s place as a global refining hub.

More Jobs, More Opportunities

Dangote disclosed that the refinery’s polypropylene production capacity would increase from 900,000 metric tonnes to 2.4 million metric tonnes per annum, with additional output of base oils and linear alkylbenzene, key materials in detergent and lubricant manufacturing.

“Our goal has never been just to refine oil, but to refine opportunities for our people,” he said. “This expansion will create additional jobs, support thousands of SMEs, and deepen our industrial base.”

He added that the refinery would also expand its power generation to 1,000 megawatts, ensuring operational self-sufficiency, with over 85 per cent of its workforce being Nigerians.

Listing on Nigerian Exchange Planned for 2026

Dangote reaffirmed plans to list a significant portion of the refinery’s shares on the Nigerian Exchange (NGX) within the next year, allowing Nigerians to become part owners of what he described as “a national asset.”

“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.”

According to him, the refinery’s strong cash flow and profitability could generate annual revenues exceeding $55 billion, making it one of the most valuable industrial assets in Africa.

Dangote praised President Bola Tinubu, the Federal and Lagos State Governments, as well as the refinery’s host community in Lekki, for their support, noting that the project aligns with the President’s vision of making Nigeria the refining hub of Africa.

“It is the dream of President Bola Ahmed Tinubu for Nigeria to emerge as one of the major suppliers of petroleum products in the world,” he said. “With his strong backing through his policies, we are taking on the challenge to make this happen.”

He called on other investors with refinery licences to emulate the Dangote Group’s example by investing in domestic refining capacity.

“When Africa builds its own capacity, it builds its own destiny,” Dangote concluded.

Commissioned in May 2023, the $20 billion Dangote Refinery is the world’s largest single-train refinery. The facility has been credited with helping to stabilise fuel supply in Nigeria, strengthening the naira, and reducing capital flight through local production of refined products.