Aliko Dangote, President of Dangote Industries Limited, has assured Nigerians of a stable supply of Premium Motor Spirit (PMS) during the festive season. The industrialist made this announcement while revealing plans to expand the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd. This move is expected to bolster the country’s energy security and reduce reliance on imported fuel.
Despite recent global price increases, Dangote stated that petrol prices will not be hiked during the ember months. He emphasized that the Dangote Refinery is committed to maintaining an uninterrupted supply of petrol throughout the festive period. This assurance comes as a relief to Nigerians, who have experienced fluctuations in fuel prices in recent years. The country’s petrol pump prices have risen from around N189 per liter in 2023 to over N1000, before dropping to between N800 and N900 per liter since the beginning of 2025.
Dangote highlighted that Nigeria’s pump price remains among the lowest in the region, despite the refinery’s production of higher-quality, cleaner fuels. The refinery has already made a significant impact by stabilizing local fuel supply, strengthening the naira, and preventing capital flight. Dangote noted that Nigerians currently buy petrol at roughly half the price of what their neighbors pay, and it is even cheaper than in Saudi Arabia.
The expansion of the refinery is driven by emerging opportunities across Africa, growing regional demand for cleaner fuels, and Nigeria’s evolving policy environment that encourages local refining. The project is expected to be executed over the next three years and will be financed through a mix of cash flow, public listing, and strategic investors. Upon completion, the refinery will surpass India’s Jamnagar Refinery, currently the world’s largest facility, cementing Nigeria’s position as a global refining hub.
Dangote praised the Federal and Lagos State Governments for their continued support, as well as the company’s host community in Lekki and its financial and technical partners. He called on other investors holding refinery licenses to emulate the example, urging collaboration in achieving President Tinubu’s vision of making Nigeria the refining hub of Africa. The expansion is expected to create additional jobs, support thousands of SMEs, and deepen the country’s industrial base.
The Dangote Refinery, which was commissioned in May 2023, will also expand its polypropylene production capacity and increase its power generation capacity to 1,000 megawatts. The refinery’s strong cash flow, profitability prospects, and strategic positioning are expected to make it an attractive investment opportunity for both local and global investors. With this expansion, Dangote aims to build Africa’s leading integrated energy and petrochemical hub, creating a significant impact on the country’s economy and energy security.