Market News

By Ayorinde Oluokun/Abuja

Aliko Dangote, the president of the Dangote Group has said Nigerians are paying 55 per cent of what people across other West African countries are paying for a litre of petrol.

Dangote said this while speaking during a visit to his group’s 650,000 barrels-per-day petrochemical complex in Lagos by the President of the Economic Community of West African States Commission, ECOWAS, Dr Omar Touray, and his team.

The delegation also included the ECOWAS Commissioner for Infrastructure, Energy and Digitalisation, Sediko Douka; Commissioner of Internal Services, Nazifi Abdullahi Darma; Director of Private Sector/SME, Dr Tony Luka Elumelu; and Touray’s Chief of Staff, Abdou Kolley, among others.

“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. Many Nigerians don’t realise that they are currently paying just 55 per cent of what others in the region are paying for petrol.

“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.

In response, Touray declared 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,” the ECOWAS Commission president remarked.

Touray added that the Dangote refinery which produces fuel to Euro V standard, is critical for enabling the ECOWAS region to meet its 50ppm sulphur limit for petroleum products, standard many imported fuels fail to meet, posing health and environmental risks across member states.

“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 industrialisation,” he said.

Touray also called for stronger collaboration between governments and the private sector, stressing that policy decisions must reflect the real challenges and opportunities experienced by African industrialists.

“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,” Dr Touray remarked, noting that as ECOWAS celebrates its 50th anniversary, the community was more committed than ever to bringing the private sector to the table — to listen to their perspectives and to understand how best to create an environment that works for them.

“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,” he added.

Touray added that the time was ripe for the region to pursue an industrial strategy capable of addressing deep-rooted challenges such as youth unemployment, poverty, and insecurity.

“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.

He also pledged ECOWAS’s full support for regional giants such as Dangote Group to access wider ECOWAS markets.

Touray also urged other African nations to follow Nigeria’s example by building infrastructure that serves the continent, not just individual countries.