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Tinubu’s policies reviving private sector, says Dangote

President and Chief Executive, Dangote Group, Alhaji Aliko Dangote, has described President Bola Tinubu as a listening president whose policies are restoring private investors’ confidence in Nigeria’s economy.

Dangote made the remarks during weekend visit by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, to the $20 billion Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.

Commending Tinubu’s efforts at addressing the issue of crude supply challenges to domestic refineries, Dangote praised the Naira-for-Crude initiative and the Nigeria First policy as bold and transformative steps capable of revitalising the economy faster than expected.

“I believe we must sincerely thank His Excellency, President Bola Ahmed Tinubu, for ensuring that there have been improvements in the supply of crude oil. His insistence that all crude oil transactions be conducted in naira has been particularly commendable. For us to effectively meet market demand—which we can do—it is essential that crude is priced and purchased in our local currency,” Dangote said.

He noted that these initiatives, along with other economic reforms, have brought a measure of stability to the naira-to-dollar exchange rate. He expressed optimism that the naira would continue to strengthen in the coming weeks as the effects of the reforms become more visible. According to him, the improved market predictability has helped investors make sound business decisions and restored confidence in the investment climate.

He said: “We are also beginning to see some stability in the naira-to-dollar exchange rate, which has had a positive impact. There is now less fluctuation, and this has brought a degree of predictability to the market

Read Also: Aliko Dangote retires from Dangote Cement Plc

“For those of us in the business sector, this is a welcome development, as it allows us to plan more effectively. Looking ahead, as market conditions continue to improve, we can expect to see a more favourable exchange rate”.

He also commended the federal government for establishing a one-stop shop (OSS) initiative to improve coordination among regulatory and security agencies, thereby facilitating smoother operations under the Naira-for-Crude programme. He emphasized that the OSS had significantly reduced bottlenecks and enabled the real-time resolution of issues, in line with President Tinubu’s directive.

“The administration of His Excellency, President Bola Ahmed Tinubu, has established a One-Stop Shop that is working diligently. I am confident that the government intends to replicate this model in other sectors, particularly to streamline the clearing of goods—an essential area of business.

“At present, we are not experiencing any significant issues with loading. All the relevant agencies have been brought together under one roof, including the Navy, NIMASA, NPA, and others. This coordination has greatly improved efficiency. Whenever issues arise, they are promptly addressed through the leadership of the Chairman of the Technical Committee, Mr Zack Adedeji, who is doing an excellent job.”

The business magnate further disclosed that the refinery is set to launch a new initiative involving the deployment of 4,000 CNG (Compressed Natural Gas) tankers to distribute petroleum products more efficiently and in an environmentally friendly manner. He explained that the move would reduce logistics costs and ensure Nigerians receive products at more affordable prices, closer to their locations.

Meanwhile, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, reaffirmed the FG’s commitment to promoting domestic investment and addressing the challenges faced by local investors.

“We are here today as a result of President Bola Ahmed Tinubu’s clear focus on domestic investment. As you are aware, we held a Domestic Investment Summit on Monday—the first of its kind. Today, we are gathered at the invitation of Alhaji Aliko Dangote, a leading investor who has committed an extraordinary amount of resources to Nigeria’s development,” she said.

Dr Oduwole hailed the refinery as a landmark project, noting that even governments shy away from initiatives of such scale. She said the administration is demonstrating real support for domestic investors by taking practical steps to reduce constraints and foster growth.

“He has taken on a project of such magnitude—one that even governments often hesitate to undertake. As an administration, we do not take this lightly. We are here to show our full support for him, both as a foremost domestic investor and as a prominent champion of African investment on the global stage.

“Our support is not limited to words; we are demonstrating our commitment through action. We are encouraging other domestic investors by recognising and backing those, like Alhaji Dangote, who put Nigeria first. This is not mere rhetoric—our time, attention, and effort are fully aligned with our priorities.

“That is why we have dedicated an entire day to immersing ourselves in this project—the Dangote Refinery.”

She added that the Federal Government is continuously engaging with stakeholders and reviewing regulatory and legislative frameworks to reduce business costs and stimulate industrial development.

July 28, 2025
Tinubu, Dangote discuss energy sector challenges

President Bola Tinubu, on Tuesday evening, received billionaire industrialist Alhaji Aliko Dangote at the State House in Abuja for a private meeting.

Though brief and undisclosed, the meeting highlights the Federal Government’s continued support for private-sector-led growth in the oil and gas industry.

The engagement followed President Tinubu’s June visit to the 650,000-barrel-per-day Dangote Refinery and Petrochemicals complex in Lagos.

Earlier on Tuesday, Tinubu welcomed delegates to the West African Refined Fuel Conference via a post on his official X handle.

He stressed Africa’s urgent need to take a stronger position within the global energy markets and reduce dependency on external pricing.

“Africa can no longer be a price taker. We must set transparent benchmarks that reflect our true value and protect our economies,” Tinubu posted.

He also revealed that Nigeria is collaborating with regional partners to create a unified African energy market.

Read Also: Tinubu hails Super Falcons over WAFCON final ticket

“From refining to regulation and trade flows, we’re building a market that rewards production and secures energy for our people,” the President said.

During the conference, Dangote addressed key structural problems affecting refinery developments across the continent.

In a presentation titled ‘Building an African Refinery Hub: Prospects and Challenges’, he outlined persistent difficulties.

“Besides poor infrastructure, our biggest problem lies in rent-seeking throughout the petroleum value chain across Africa,” Dangote explained.

He noted the sector’s long-standing vulnerability to corruption and exploitation by vested interests.

“When a refinery disrupts this setup, it challenges powerful forces determined to resist and maintain the status quo,” he stated.

(NAN)

July 23, 2025
Dangote urges NMDPRA to cancel dormant refinery licences
- Refinery imports 10m barrels of crude monthly
The Dangote Group of Companies President Aliko Dangote yesterday urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to cancel dormant refinery licenses or penalize them annually.

He urged the Authority to task the licensees to build the refineries or forgo their licenses.

He made this call in Abuja during the “NMDPRA / S&P Global Commodity Insights Conference on West African Refined Fuel Market.”

He said: “I think encouraging other people to build refineries is the job of the NMDPRA and also the government. So, NMDPRA, I rely on your leadership to make sure we encourage those people who have collected licenses to work with you.

“And I believe anybody who collected these licenses from you, either you cancel them or you put a penalty on a yearly basis so that they will return the license or they will build those refineries.”

He also called for the adoption of harmonized fuel specification in Africa, noting that it was worrisome that every country in the continent has its own specification.

He said Nigeria’s specification cannot be vended in other West African countries, although they use the same vehicles.

“Unlike Europe, which has adopted harmonized fuel specifications, Africa remains fragmented.

Read Also: ‘Tinubu is an ardent supporter of media, committed to press freedom’ – Idris

“Every country has its own fuel specification standard. The fuel we produce for Nigeria cannot be sold in Cameroon or Ghana or Togo,” he said.

According to him, the lack of harmonization benefits no one except, of course, international traders who thrive on arbitrage.

He stressed need for local refiners like him, it fragments the market and imposes unnecessary inefficiencies.

He urged the regulators in the region to address the issue of pricing framework in relation to the variety in standards.

Expressing dissatisfaction with the issue, he said: “And to make matters worse, we are now facing increasingly dumping of cheap, often toxic petroleum products, some of which are blended to substandard levels that would never be allowed in Europe or North America.

“Due to the price cuts on Russian petroleum products, discounted petroleum products produced in Russia or with discounted Russian goods find their way to Africa, severely undercutting our local production, which is based on food pricing. This has created an unleveled playing field. In most African countries, petrol and diesel are sold for about a dollar net of taxes.

“In Nigeria, due to this unfair competition, this price is just about 60 cents, even cheaper than Saudi Arabia, which produces and finds its own oil. This is due to the fact that we are having too much dumping,” he said.

He said to make the market viable, the governments across Africa must take deliberate steps, as the US, Canada and the EU have done, to protect domestic producers from unfair competition.

He revealed that the Dangote Refinery will soon undergo it Initial Public Offer (IPO) to give every Nigerian the leverage of holding stakes in the 650,000 barrels per day plant.

Dangote said today, Nigeria has actually become a net exporter of refined products.

According to him, from June beginning to date (50 days), the plant has exported about 1 million tons of the Premium Motor Spirit (PMS) or petrol.

On the challenges the refinery has been grappling with, he said he never thought access to crude oil would be his setback since Nigeria is an oil producing country.

He said he was shocked to realize the refinery has to purchase crude oil from international traders, who resell Nigeria feedstock to him at exorbitant rates

The anomaly, he said, has resulted in buying about 10 million barrels monthly from the United States and other countries.

Dangote revealed that it has been pretty difficult to procure crude oil from the International Oil Companies (IOCs).

He said: “Rather than buying crude oil directly from the Nigerian producers at competitive terms, we found ourselves having to negotiate with international trading companies who were buying Nigerian crude and reselling it to us with hefty premiums.

“Of course, as we speak today, we buy about 9 to 10 million barrels of crude monthly from the United States and other countries. I must thank the NNPC for making some cargoes of Nigerian crude available to us from the start to date.

“They have done very well. But it has been very, very difficult for the IOCs. IOCs have been the most difficult in our journey.”

He added that even after scaling the crude, transporting it became another bottleneck.

He stressed that lifting schedules were constantly shifted by upstream operators and the refinery was hit with excessive port and regulatory charges. Skyrocketing port charges, said Dangote, made up about 40per cent of the total freight cost, meaning it cost two-thirds as much as chartering a vessel, with the crew, insurance, and fuel included.

Comparing with other climes, he said meanwhile, refiners in India who purchase crude from all regions, even further away, enjoy lower freight charges than Dangote Refinery right here in West Africa because they are not saddled with exempted port charges.

Continuing, he said: “This is not only in the oil industry. I mean, if you look at it now, a boat to New York was just about $400 from London. But to go to Accra from Lome, you pay $600. So I just want to say that for some of you that know what is happening, you can have a rethink. In terms of port charges, it is currently more expensive to load a domestic cargo or petroleum product from Dangote refinery as customers pay both at the loading point and also at the discharge point

“But when they load from Lome that competes with us, they pay only at the port of discharge. This is simply unfair and it is unsustainable. They kept the challenge of selling the refined products.”
July 23, 2025
Dangote urges NMDPRA to cancel dormant refinery licenses

The Dangote Group of Companies President Aliko Dangote on Tuesday charged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to cancel dormant refinery licenses or penalize them annually.

He urged the Authority to task the licensees to build the refineries or forgo their licenses.

He made this call in Abuja during the “NMDPRA/S&P Global Commodity Insights Conference on West African Refined Fuel Market.”

He said, “I think encouraging other people to build refineries is the job of the NMDPRA and also the government. So, NMDPRA, I rely on your leadership to make sure we encourage those people who have collected licenses to work with you.

“And I believe anybody who collected these licenses from you, either you cancel them or you put a penalty on a yearly basis so that they will return the license or they will build those refineries.”

He also called for the adoption of harmonized fuel specification in Africa, noting that it was worrisome that every country in the continent has its own specification.

He said Nigeria’s specification cannot be vended in other West African countries, although they use the same vehicles.

“Unlike Europe, which has adopted harmonized fuel specifications, Africa remains fragmented.

“Every country has its own fuel specification standard. The fuel we produce for Nigeria cannot be sold in Cameroon or Ghana or Togo,” he said.

According to him, the lack of harmonization benefits no one except, of course, international traders who thrive on arbitrage.

He stressed for local refiners like him, it fragments the market and imposes unnecessary inefficiencies.

He urged the regulators in the region to address the issue of pricing framework in relation to the variety in standards.

Expressing dissatisfaction with the issue, he said, “And to make matters worse, we are now facing increasingly dumping of cheap, often toxic petroleum products, some of which are blended to substandard levels that would never be allowed in Europe or North America.

“Due to the price cuts on Russian petroleum products, discounted petroleum products produced in Russia or with discounted Russian goods find their way to Africa, severely undercutting our local production, which is based on food pricing. This has created an unleveled playing field. In most African countries, petrol and diesel are sold for about a dollar net of taxes.

“In Nigeria, due to this unfair competition, this price is just about 60 cents, even cheaper than Saudi Arabia, which produces and finds its own oil. This is due to the fact that we are having too much dumping.”

He said to make the market viable, the

governments across Africa must take deliberate steps, as the US, Canada and the EU have done, to protect domestic producers from unfair competition.

He revealed that the Dangote Refinery will soon undergo it Initial Public Offer (IPO) to give every Nigerian the leverage of holding stakes in the 650,000 barrels per day plant.

Dangote said today, Nigeria has actually become a net exporter of refined products.

According to him, from June beginning to date (50 days), the plant has exported about 1 million tons of the Premium Motor Spirit (PMS) petrol PMS.

On the challenges the refinery has been grappling with, he said he never thought access to crude oil would be his setback since Nigeria is an oil producing country.

He said he was shocked to realize the refinery has to purchase crude oil from international traders, who resell Nigeria feedstock to him at exorbitant rates.

The anomaly, he said, has resulted in buying about 10 million barrels monthly from the United States and other countries.

Dangote revealed that it has been pretty difficult to procure crude oil from the International Oil Companies (IOCs).

He said, “Rather than buying crude oil directly from the Nigerian producers at competitive terms, we found ourselves having to negotiate with international trading companies who were buying Nigerian crude and reselling it to us with hefty premiums.

“Of course, as we speak today, we buy about 9 to 10 million barrels of crude monthly from the United States and other countries. I must thank the NNPC for making some cargoes of Nigerian crude available to us from the start to date.

“They have done very well. But it has been very, very difficult for the IOCs. IOCs have been the most difficult in our journey.”

Read Also: Dangote: Offshore Lomé fuel market biggest threat to Africa’s refining independence

He added that even after scaling the crude, transporting it became another bottleneck.

He stressed that lifting schedules were constantly shifted by upstream operators and the refinery was hit with excessive port and regulatory charges.

Skyrocketing port charges, said Dangote, made up about 40% of the total freight cost, meaning it cost two-thirds as much as chartering a vessel, with the crew, insurance, and fuel included.

Comparing with other climes, he said meanwhile, refiners in India who purchase crude from all regions, even further away, enjoy lower freight charges than Dangote Refinery right here in West Africa because they are not saddled with exempted port charges.

Continuing, he said, “This is not only in the oil industry. I mean, if you look at it now, a boat to New York was just about $400 from London.

“But to go to Accra from Lome, you pay $600. So I just want to say that for some of you that know what is happening, you can have a rethink. In terms of port charges, it is currently more expensive to load a domestic cargo or petroleum product from Dangote refinery as customers pay both at the loading point and also at the discharge point.

“But when they load from Lome that competes with us, they pay only at the port of discharge.

” This is simply unfair and it is unsustainable. They kept the challenge of selling the refined products.”

July 22, 2025
Dangote: Offshore Lomé fuel market biggest threat to Africa’s refining independence

Africa’s leading industrialist, Aliko Dangote, has identified entrenched interests behind the offshore Lomé fuel trade as the greatest obstacle to Africa’s quest for refining self-sufficiency.

Speaking at the West Africa Refined Fuel Market: Pathway to Regional Reference Market energy conference, Dangote warned that international traders operating a “fraudulent floating market” off the coast of Togo are actively undermining local refining efforts to protect their profits.

“Another major barrier is the offshore Lomé floating market—a uniquely African phenomenon,” Dangote said. “International traders maintain floating storage of over 2 million tons of petroleum products offshore Lomé. This was being sold at inflated prices due to the absence of local refining capacity. The moment our refinery came on stream, they slashed prices to maintain their grip.”

The founder of the now-operational $20 billion Dangote Refinery said these interests would resist any disruption to the status quo, no matter how beneficial it may be to the region.

“Make no mistake,” he cautioned, “those who profit from this system will do everything they can to prevent other refineries from emerging. Building a refinery threatens powerful interests, and they will fight back aggressively.”

Dangote also used his address to highlight the journey and challenges his company faced in delivering the 650,000 barrels-per-day refinery, the world’s largest single-train facility. He outlined the obstacles in three categories—technical, commercial, and contextual—stressing that the contextual hurdles, rooted in corruption and rent-seeking behaviour, proved the most difficult to overcome.

He urged policymakers, regulators, and industry leaders across the continent to support efforts that promote refining capacity and break the region’s dependence on foreign-controlled supply chains.

“Beyond infrastructure deficits, the most formidable challenge we faced was entrenched rent-seeking within the petroleum value chain across many African countries,” he said. “This sector has historically been a major avenue for corruption and rent extraction. That system resists change.”

Dangote noted that at the peak of construction, no foreign contractor was willing to take on the project. “They say Africa is very risky. They didn’t want to come to Nigeria to build a refinery,” he said. “So we had to take up the role of EPC contractors ourselves.”

He recalled how his team had to import over 150,000 containers, 2,600 heavy equipment units, and build a dedicated seaport because over 60% of the refinery components could not pass through existing Nigerian ports. “Let no one underestimate the complexity of building a world-class refinery,” he warned.

He praised the Nigerian National Petroleum Company Limited (NNPC) for making crude oil available but criticised International Oil Companies (IOCs) for their lack of cooperation.

Read Also: Dangote urges wealthy Nigerians to invest in Nigeria

“The IOCs have been the most difficult in our journey. Even after securing the crude, transporting it became another bottleneck,” he lamented. “Skyrocketing port charges made up about 40% of total freight cost. That is, two-thirds of the cost of chartering a vessel with crew, insurance and fuel included.”

Despite these odds, the Dangote Group has begun exporting petroleum products. “From early June to date, we have exported about 1 million tons of PMS. This is equivalent to 50 days of consumption,” he said.

Dangote called on African governments to do more than issue refining licenses. They must enforce compliance.

“To those who say monopoly, I say let others build refineries too,” he challenged. “Encouraging other people to build refineries is the job of the NMDPRA and also the government. Anyone who has collected a license and isn’t using it, revoke it or put a yearly penalty on it.”

July 22, 2025
Dangote to build ‘largest deep sea port in Olokola

Africa’s richest man and the President/Chief Executive of Dangote Group, Aliko Dangote, has commenced the process to develop Nigeria’s biggest and deepest seaport in Olokola, Ogun State.

The industrialist has applied to begin work on a seaport near his fertiliser and oil refinery plants to make it easier to export goods — including liquefied natural gas — and support the rapid growth of his industrial empire.

Dangote’s plan “to build the biggest, deepest port in Olokola, south western Nigeria,” took wings after he sent in the paperwork for permission in late June, he said in an interview with Bloomberg in Lagos.

The proposed Atlantic seaport in Olokola, Ogun state, lies about 100 kilometers by road from the billionaire’s fertilizer plant and petrochemicals refinery in Lagos.

Dangote currently exports urea and fertilizer through an on-site jetty he built, that also receives heavy equipment for the refinery.

READ ALSO: Presidency: FEC postpones special session in honour of Buhari

Once completed, the port will link the conglomerate’s logistics and export operations and rival facilities in Lagos, Nigeria’s commercial capital, including the Chinese-funded Lekki Deep Sea Port opened in 2023.

“It’s not that we want to do everything by ourselves but I think doing this will encourage other entrepreneurs to come into it,” he said.

The port marks the billionaire’s return to the same site where he had previously abandoned plans to build his giant refinery and fertilizer complex after wrangling with local authorities.

The tensions have since been mended under a new administration.

Dangote also plans to export liquefied gas from Lagos, a project that will involve constructing pipelines from Nigeria’s oil-rich Niger Delta, vice-president of the group Devakumar Edwin said in another interview.

“We want to do a major project to bring more gas than what NLNG is doing today,” he said, referring to Nigeria LNG Ltd., a joint-venture between the government, Shell Plc, Eni SpA and TotalEnergies SE, which is currently the continent’s largest exporter of LNG. “We know where there is a lot of gas, so run a pipeline all through and then bring it to the shore.”

Dangote already sources natural gas from the Niger Delta to supply his fertilizer plant, where it’s used as feedstock to produce hydrogen for ammonia — a key component in the production of the crop nutrient.

The billionaire also plans to start distributing fuel to retailers in Nigeria from August, using a fleet of 4,000 gas-powered trucks, a move that has drawn criticism from some groups accusing him of attempting to monopolize the oil sector, which he has denied.

Dangote, valued at $27.8 billion according to the Bloomberg Billionaires Index, also owns cement manufacturing and sugar plants in Africa.

July 15, 2025
JUST IN: Dangote slashes petrol price to N820 per litre

Dangote Petroleum Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS), bringing the new rate down to ₦820 per litre from ₦840.

This latest ₦20 cut follows a previous reduction just a week earlier, when the price dropped from ₦880 to ₦840 per litre—bringing the total decrease to ₦60, or approximately 6.82%, within one week.

Dangote group spokesperson Anthony Chiejina, said the company reduced the price to help make petrol more affordable for Nigerians.

“We have reduced petrol gantry price to N820 from N840 per litre,” he stated, noting that the price slash took effect from Tuesday.

Dangote, NNPC and other major fuel distributors in Nigeria hiked petrol prices less than three weeks ago, blaming it on the rise in crude oil prices in the international market as occasioned by the conflict between Israel and Iran.

The pump prices of petrol hovered between N915 and N955 at the pumps, then, depending on the location. It was below N900 before the sudden hike.

Read Also: Malnutrition affects 40% of Nigerian children — Shettima

During the price hike, marketers stated that the product was sold at N960 and N980 in the far north because of the distance.

However, as crude prices fell below $70 last week, the pump prices of PMS also declined. Crude prices had crashed because Israel and Iran stopped bombing each other, alleviating fears of a supply disruption in the Middle East.

As of Tuesday, several filling stations in Lagos and Ogun States were selling petrol for less than ₦900 per litre.

Prices ranged between ₦875 and ₦890 per litre across the outlets.

A slight decrease in pump prices is anticipated in the coming days.

July 8, 2025
Experts: Dangote’s initiative will stimulate economic growth, reduce inflationary pressures

Economists, financial and energy experts yesterday hailed the initiative by Dangote Petroleum to distribute petrol and diesel to marketers and dealers at no cost.

They described the initiative as a game-changer that will propel the economy to greater heights. They also said it is the best that has happened to the energy sector since the country’s independence.

Chief Executive of Financial Derivatives Company, Bismarck Rewane, said the company’s free distribution initiative would reduce production costs, ease inflationary pressures and stimulate economic growth.

Rewane dismissed concerns about the refinery becoming a monopoly, arguing that inefficiencies in the sector have been systemic and long-standing. He added that the scheme would help curb the parasitic role traditionally played by middlemen.

He added that the scheme would help curb the parasitic role traditionally played by middlemen.

His words: “What Dangote is doing achieves two key objectives: delivering products across the entire country at a uniform price by eliminating bridging costs and significantly reducing logistics expenses through the use of Compressed Natural Gas (CNG)-powered trucks to reach every corner of the nation.

“In economic terms, middlemen—who typically do not invest—are often viewed as parasitic, extracting margins simply for distributing goods. ‘’Dangote is bypassing this layer by directly handling distribution and, notably, providing credit facilities to the retail end of the business.”

Energy expert and co-founder of Dairy Hills, Kelvin Emmanuel, said Dangote’s decision to absorb logistics costs marks a turning point that would finally allow Nigerians to enjoy the benefits of local refining.

Energy analyst Ibukun Phillips described the move as “revolutionary”, suggesting it could reshape Nigeria’s energy sector by improving affordability and access, particularly in rural communities.

“Rural consumers, who typically pay more despite earning less, stand to benefit immensely. This could also revive abandoned filling stations and promote equitable distribution,” she explained.

In the same vein, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said the development was timely as it would lead to the resolution of longstanding challenges in the downstream sector.

Read Also: Dangote distributes rice to host communities

IPMAN’s National Publicity Secretary, Chinedu Ukadike, stated that the new model would significantly reduce logistical burdens for independent marketers by delivering more affordable fuel directly to filling stations.

“Our pipelines have been non-functional for years, yet nothing has been done to revive the infrastructure linking the country’s 21 depots. We’ve had to rely on expensive transport from coastal depots.

“Dangote’s intervention lifts a huge burden off the shoulders of independent marketers,” Ukadike said.

Dangote Petroleum Refinery recently invested over N720 billion in 4,000 brand-new CNG-powered trucks for the nationwide distribution of petroleum products. This is expected to save Nigerians over N1.7 trillion annually.

The step will also see the privately-owned refinery absorb over N1.07 trillion annually in fuel distribution costs. Besides, it will significantly benefit over 42 million Micro, Small, and Medium Enterprises (MSMEs) by reducing energy costs and enhancing profitability.

The initiative, which will eliminate transportation costs for fuel marketers and large-scale consumers, is expected to help reduce pump prices and inflation.

From 15 August, Dangote will begin the direct delivery of petrol and diesel to filling stations, industrial facilities and other high-volume consumers.

According to a statement from the refinery, the initiative aims to meet Nigeria’s daily consumption of 65 million litres of refined petroleum products. This includes 45 million litres of Premium Motor Spirit (PMS), 15 million litres of diesel and five million litres of aviation fuel.

With the average logistics cost estimated at N45 per litre, the refinery will incur over N1.07 trillion annually in free distribution expenses.

The initiative is also expected to resuscitate dormant filling stations, fostering job creation in the process.

Over 15,000 direct jobs are projected to be created across the logistics chain, including drivers, station managers, and attendants at the CNG stations.

The refinery also emphasised that the initiative will help curb cross-border smuggling of petroleum products and support a more efficient and environmentally friendly distribution system.

Firm slashes petrol ex-depot price to N840 per litre

Dangote Petroleum Refinery has announced a reduction in its ex-depot price of petrol from N880 to N840.

According to a statement by the firm, the new ex-depot price took effect last Monday, about a week after the refinery increased the ex-depot price per litre of petrol to N880.

The N40 reduction comes on the heels of a drop in oil prices on Monday as the two-week Middle East conflict between Israel and Iran eased. The ceasefire between the two countries saw Brent crude fell 16 cents, or 0.24 per cent, to close at $67.61 a barrel from around $80 a barrel after the United States bombed Iran’s nuclear facilities.

Filling stations such as MRS Oil & Gas, Ardova Plc, and Heyden, with special agreements with the Dangote Refinery, are expected to reduce their pump price to below N900 to reflect the reduction in the product.

On Sunday, June 15, 2025, the $20b Lagos-based refinery announced the free distribution of petrol and diesel to marketers, dealers, and other large users across the country.

The 650,000 barrels-per-day capacity refinery said it had procured 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers for the take-off of the initiative on August 15, 2025.

It also offered a credit facility to those purchasing a minimum of 500,000 litres, allowing them to obtain an additional 500,000 litres on credit for two weeks, under a bank guarantee.

July 2, 2025
Dangote’s N720b CNG project to save Nigerians N1.7tr

Dangote Petroleum Refinery has invested over N720 billion to implement its landmark initiative of deploying 4,000 Compressed Natural Gas (CNG)-powered trucks for the nationwide distribution of petroleum products, which is expected to save Nigerians over N1.7 trillion annually.

This bold step will see the privately-owned refinery absorb over N1.07 trillion annually in fuel distribution costs. The initiative is also poised to significantly benefit over 42 million Micro, Small and Medium Enterprises (MSMEs) by reducing energy costs and enhancing profitability.

The initiative, which eliminates transportation costs for fuel marketers and large-scale consumers, is expected to help reduce pump prices and inflation. From 15 August, Dangote will begin the direct delivery of petrol and diesel to filling stations, industrial facilities, and other high-volume consumers.

According to a statement from the refinery, it aims to meet Nigeria’s daily consumption of 65 million litres of refined petroleum products. This includes 45 million litres of Premium Motor Spirit (PMS), 15 million litres of diesel, and 5 million litres of aviation fuel.

With the average logistics cost estimated at N45 per litre, the refinery will cover over N1.07trn annually in free distribution expenses.

Dangote Group is investing N720 billion in the acquisition of 4,000 CNG-powered trucks as well as the establishment of nationwide CNG ‘mother and daughter’ stations, among other infrastructure to implement the free distribution initiative.

Read Also: About Dangote’s uncommon philanthropic gestures

This strategic programme forms part of Dangote’s broader commitment to eliminating logistics bottlenecks, enhancing energy efficiency, promoting environmental sustainability, and supporting Nigeria’s economic development. The company noted that lower fuel distribution costs will help reduce production costs, ease inflationary pressures, and stimulate economic growth.

The initiative is also expected to resuscitate dormant filling stations, fostering job creation in the process. Over 15,000 direct jobs are projected to be created across the logistics chain, including drivers, station managers, and attendants at the CNG stations.

The refinery also emphasised that this programme would help curb cross-border smuggling of petroleum products and support a more efficient and environmentally friendly distribution system.

The Presidency has described the initiative as a pivotal moment in the Federal Government’s push to mainstream gas-powered transportation.

Commercial Coordinator of the Presidential Compressed Natural Gas Initiative (PCNGI), Tosin Coker, praised the move as a strong vote of confidence in Nigeria’s gas-fueled future.

“Dangote Group’s acquisition of 4,000 CNG trucks is not only impressive in scale but also highly strategic,” he said. “It signals to the market that CNG is no longer a distant prospect but a current, practical solution to high energy costs, emissions, and supply chain challenges. PCNGI regards this as a milestone achievement in our efforts to accelerate gas-powered transport adoption.”

The Independent Petroleum Marketers Association of Nigeria (IPMAN) also commended the development, calling it a timely resolution to longstanding challenges in the downstream sector.

IPMAN’s National Publicity Secretary, Chinedu Ukadike, stated that the new model would significantly reduce logistical burdens for independent marketers by delivering more affordable fuel directly to filling stations.

“Our pipelines have been non-functional for years, yet nothing has been done to revive the infrastructure linking the country’s 21 depots. We’ve had to rely on expensive transport from coastal depots,” Ukadike said. “Dangote’s intervention lifts a huge burden off the shoulders of independent marketers.”

Development Economist and Policy Analyst, Professor Ken Ife, said the initiative would drive down the price of PMS and yield widespread benefits for Nigerians.

Chief Executive Officer, Financial Derivatives Company, Bismarck Rewane, dismissed concerns about the refinery becoming a monopoly, arguing that inefficiencies in the sector have been systemic and long-standing. He added that the scheme would help curb the parasitic role traditionally played by middlemen.

“What Dangote is doing achieves two key objectives: delivering products across the entire country at a uniform price by eliminating bridging costs, and significantly reducing logistics expenses through the use of CNG-powered trucks to reach every corner of the nation.

“In economic terms, middlemen—who typically do not invest—are often viewed as parasitic, extracting margins simply for distributing goods. Dangote is bypassing this layer by directly handling distribution and, notably, providing credit facilities to the retail end of the business,” he said.

Energy expert and co-founder of Dairy Hills, Kelvin Emmanuel, said Dangote’s decision to absorb logistics costs marks a turning point that could finally allow Nigerians to enjoy the benefits of local refining.

Energy analyst Ibukun Phillips described the move as “revolutionary”, suggesting it could reshape Nigeria’s energy sector by improving affordability and access, particularly in rural communities.

“Rural consumers, who typically pay more despite earning less, stand to benefit immensely. This could also revive abandoned filling stations and promote equitable distribution,” she explained.

June 30, 2025
Dangote urges ‘Africa First’ policy, condemns import dependence, capital flight

Africa’s richest man, Aliko Dangote, has made a compelling case for a protectionist, “Africa First” industrial policy, arguing that the continent’s sustained reliance on imports and foreign aid is exporting jobs and hindering economic growth.

Speaking at the 32nd Annual Meetings of Afreximbank in Abuja, Dangote presented his views on the continent’s economic challenges, drawing on his own industrial experience and providing a blueprint for self-sufficiency.

A main point of his address was the link between import dependency and poverty. “Once we remain a dumping ground, we will never be able to create jobs,” Dangote said. He connected this to a “make America great” philosophy, suggesting that Africa must adopt a similar mindset. “Since it is America first, we should also say Africa first. We should try and create jobs,” he stated, attributing Asia’s economic rise to a culture where entrepreneurs, regardless of how they made their money, invested their capital at home. He contrasted this with Africa, where “the majority of people take the money out of the continent.”

Dangote argued that to industrialise, countries must take tough decisions, including implementing tariffs to protect domestic industries from dumping. He drew a parallel to the Trump administration’s steel tariffs, which he said were necessary to prevent the collapse of the American steel industry. He described an open market without safeguards as “going to bed… you open up your windows… you are not going to be, you won’t be able to have a good sleep because you’ll be disturbed by mosquitoes.”

He pointed to the success of Nigeria’s cement industry as a prime example of effective policy. He recounted a conversation with former President Olusegun Obasanjo who, concerned about Nigeria’s status as a top cement importer, implemented a backward integration policy. This policy required importers to set up factories in Nigeria to be eligible for import licenses. Dangote credits this decisive action with a complete turnaround of the sector.

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“If you don’t set up a factory, you cannot import,” Dangote explained of the policy. He noted that this led to a massive industrial expansion, with Nigerian production soaring from 1.9 million tons to over 60 million tons today. He proudly stated that Nigeria is now the largest exporter of cement in Africa, with his company’s new export-focused factory projected to add at least $500 million to the nation’s export earnings.

Dangote identified two primary challenges hindering industrial growth in Africa: a lack of reliable electricity and inconsistency in government policies. He contended that these issues create a challenging environment for investors.

He also addressed the operational success of his new refinery and fertilizer plant. He confirmed that the Dangote Refinery is exporting jet fuel to major economies like the United States and Asia, and that 37% of his fertilizer production is sold to the U.S. market. This, he noted, demonstrates what is possible when bold projects are executed. However, he admitted that if he had known the full extent of the challenges in building the refinery, he might not have tried, adding that the support of local banks, led by Afreximbank, was critical.

On the issue of corruption, Dangote offered a unique perspective. While acknowledging its presence across the globe, he stated that Africa’s situation is different because “our corrupt people, when they steal the money, they take it, they fly the money out of the continent.”

He compared this to countries like Indonesia and Thailand, where corrupt individuals might have kept their ill-gotten gains within the continent, thereby contributing to the local economy.

He called for African entrepreneurs to accept their responsibility as the primary drivers of the continent’s progress. “We African champions, we need to understand that we are the only people that can make Africa great. Nobody will do that for us,” he said.

He stressed that the job of an industrialist is not to accumulate wealth but to “create worth” by creating jobs and expanding the economy, which in turn invites foreign investors. He added, “Foreign investors, they just don’t come that easy. So what we need to do is to encourage domestic investors.”

When questioned about Africa’s ideal foreign partners, Dangote redirected the focus to African institutions. He contended that if Africa could have “ten institutions like African banks,” the continent could be transformed into “a heaven in the next five years.” He expressed his strong belief in the vision and mission of African financial institutions like Afreximbank, seeing them as essential connectors for trade finance.

He also provided insights into his company’s revolutionary supply chain model for petroleum products in Nigeria. He revealed a zero-charge delivery system for gasoline and diesel across the country, a move he believes will foster competition and significantly improve distribution efficiency.

Finally, Dangote announced plans to list the fertilizer business on the stock exchange this year and the refinery next year. He noted that listing the refinery is important to counter the perception of a monopoly, allowing the public to become part-owners.

June 28, 2025