Aliko Dangote, Chairman of the Dangote Group, has assured that the Dangote Refinery will continue to sell premium motor spirit, also known as fuel, at a reasonable price. This statement was made after a meeting with President Bola Tinubu at the State House in Abuja. Dangote attributed the reasonable pricing to the need to compete with imports, despite the prevalence of smuggling in the region.
The billionaire entrepreneur noted that the price of fuel in Nigeria is approximately 55% of the price in neighboring countries, making it a lucrative business for smugglers. However, with the Dangote Refinery producing diesel, aviation fuel, and petrol, the company aims to provide these products at a competitive price. Dangote emphasized that the refinery’s goal is not to make a quick profit but to invest in the long term, providing a legacy that contributes to Nigeria’s development.
The 650,000-barrel-a-day refinery, which began production in January 2024, has been a significant development for the oil-rich country, which frequently faces gasoline shortages. The facility, built at an estimated cost of $20 billion, started delivering petrol in September 2024. Dangote stated that he is not focused on recouping the investment quickly, instead prioritizing the refinery’s role in addressing Nigeria’s energy needs.
During the meeting with President Tinubu, discussions centered on the economy, environment, and other key issues. Dangote described the meeting as “nice and fruitful.” The Dangote Refinery’s commitment to providing fuel at a reasonable price is expected to have a positive impact on the Nigerian economy, particularly in the face of ongoing challenges related to fuel shortages and smuggling. As the refinery continues to operate, its contribution to the country’s energy sector is likely to be closely monitored.
