Africa’s richest man and Chairman of Dangote Group, Aliko Dangote, has reaffirmed his company’s commitment to ensuring uninterrupted fuel supply across Nigeria as global oil prices continue to rise, assuring that there will be no scarcity or pump price increase during the upcoming festive season.
Speaking during an update on the progress of the 650,000-barrels-per-day (bpd) Dangote Refinery, Dangote disclosed that the facility’s ongoing expansion will create thousands of new jobs, strengthen Nigeria’s industrial base, and attract both local and foreign investors.
“This expansion will create additional jobs, support thousands of SMEs, and deepen our industrial base. Our goal has never been just to refine oil, but to refine opportunities for our people,” Dangote said.
“It is a vote of confidence in Nigeria, in the reforms of President Bola Ahmed Tinubu’s administration, and in the ability of Africans to build and manage world-class infrastructure.”
He lauded the Federal Government’s pro-industrialisation policies such as Nigeria First, Naira-for-Crude, and the One-Stop Shop initiative, saying they have encouraged transformative investments in the oil and gas sector.
Dangote also praised the government’s intervention in resolving recent disruptions at the refinery linked to union activity and sabotage attempts, describing it as a demonstration of effective collaboration between the public and private sectors.
Despite not yet recouping the initial investment in the refinery’s first phase, the billionaire industrialist stressed that the company remains focused on long-term transformation rather than short-term gains.
“Refining is a long-term project. We are expanding because we believe in Africa,” he said. “Without this refinery, Nigeria would still be buying dollars at ridiculous rates and depleting our reserves to import fuel.”
According to him, the Dangote Refinery has already impacted the economy by stabilising local fuel supply, reducing capital flight, and strengthening the naira.
“Nigerians today buy petrol at roughly half the price of what our neighbours pay, and it is even cheaper than in Saudi Arabia,”
Dangote noted. “Our product meets Euro VI standards and has significantly reduced the dumping of toxic fuel into our market.”
He emphasised that Nigeria’s fuel prices remain among the lowest in the region, even as the refinery produces cleaner, high-quality petrol and diesel.
As the yuletide season approaches, Dangote assured citizens that the refinery’s operations would guarantee steady supply despite global price volatility.
“In the last three days, we have witnessed an eight percent spike in global oil prices,” he revealed.
“But I want to assure Nigerians that the Dangote Refinery is fully committed to maintaining uninterrupted petrol supply 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.”
Dangote expressed gratitude to President Tinubu, the Lagos State Government, host communities in Lekki, and the company’s technical and financial partners for their continued support.
“This expansion is not just about capacity; it is about confidence — in our people, in our government, and in our continent,” he added.
“Together, we are building a stronger Nigeria and redefining what is possible for Africa.”
He also called on other licence holders in the oil refining sector to emulate the Dangote model and join efforts to make Nigeria the refining hub of Africa.
“When Africa builds its own capacity, it builds its own destiny,” Dangote concluded.
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