President of Dangote Industries Limited, Aliko Dangote, has assured Nigerians of adequate Premium Motor Spirit (PMS) supply during the festive season.
The industrialist gave the assurance on Sunday while announcing the expansion of the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd.
According to him, prices of petrol will not be hiked during the ember months, despite recent global price increases.
“In the last three days, we have witnessed an eight per cent spike in global oil prices,” he said. “But I want to assure Nigerians that the Dangote Refinery is fully committed to maintaining an uninterrupted supply of petrol 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.”
This is as the country’s petrol pump prices have risen from about N189 per litre in 2023 to above N1000, before dropping to between N800 and around N900 per litre since beginning of 2025.
He emphasised that Nigeria’s pump price remains among the lowest in the region despite the refinery’s production of higher-quality, cleaner fuels that have reduced toxic dumping in the country.
Dangote emphasised that the refinery has already made a difference by stabilising local fuel supply, helping to strengthen the naira, and preventing capital flight.
“Nigerians today buy petrol at roughly half the price of what our neighbours pay, and it is even cheaper than in Saudi Arabia,” he noted. “Our product is of higher quality, meeting Euro VI standards, and it has significantly reduced the dumping of toxic fuel into our market.”
Dangote praised the Federal and Lagos State Governments for their continued support, along with the company’s host community in Lekki and its financial and technical partners.
“This expansion is not just about capacity; it is about confidence — in our people, in our government, and in our continent,” he said. “Together, we are building a stronger Nigeria and redefining what is possible for Africa.”
He called on other investors holding refinery licences to emulate the example, urging collaboration in achieving President Tinubu’s vision of making Nigeria the refining hub of Africa.
“When Africa builds its own capacity, it builds its own destiny,” Dangote concluded.
He said the move to expand the refinery capacity was driven by emerging opportunities across Africa, growing regional demand for cleaner fuels, and Nigeria’s evolving policy environment that encourages local refining.
“This expansion reflects our confidence in Nigeria’s future, our belief in Africa’s potential, and our commitment to building energy independence for our continent and the world. It is also about confidence in Nigeria, in Africa, and in our capacity to shape our own energy future,” Dangote said.
“It is the dream of President Bola Ahmed Tinubu GCFR, for Nigeria to emerge as one of the major suppliers of petroleum products in the world. And with his strong backing through his policies, we are taking on the challenge to make this happen.”
According to him, the expansion reflects the group’s belief in Africa’s potential to achieve energy security and transform its economy from being an exporter of raw crude to a hub for refined petroleum products.
Dangote revealed that the expansion project would be executed over the next three years and would be financed through a mix of cash flow, public listing, and strategic investors. When completed, the refinery will surpass India’s Jamnagar Refinery, currently the world’s largest facility, cementing Nigeria’s position as a global refining hub.
He said the refinery will also expand its polypropylene production capacity from 900,000 metric tonnes to 2.4 million metric tonnes per annum, further boosting the output of linear alkylbenzene, a key ingredient in detergent manufacturing, along with additional production of base oils.
“With this expansion, the refinery transitions from producing Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks,” he said. “We will also expand our power generation capacity to 1,000 megawatts, ensuring complete operational self-sufficiency. More than 85% of our workforce will be Nigerians, with continuous investment in skills development and technology transfer. Our commitment to safety, sustainability, and local participation remains unwavering throughout every phase of the expansion.”
Highlighting the economic impact of the project, Dangote said the expansion would further strengthen Nigeria’s energy security, reduce foreign exchange outflows, and save the country billions of dollars annually that would otherwise go into importing refined products.
He estimated that the refinery’s revenue could exceed $55 billion annually, making it one of the most valuable industrial assets on the African continent.
Dangote reaffirmed plans to list a significant portion of the refinery’s shares on the Nigerian Exchange (NGX) within the next year, describing it as part of efforts to democratise ownership and allow Nigerians to share in the value creation.
“Our main listing will be here in Nigeria to give Nigerians value,” he said. “We want the Dangote Refinery to be the golden stock of the Exchange. Listing outside Nigeria is secondary to us. We want this to be a national asset in every sense. This is a step towards broader ownership and market transparency. Therefore, we call on all Nigerians to seize this window, to benefit from this golden opportunity. Our long-term goal remains clear: to build Africa’s leading integrated energy and petrochemical hub, the first of its kind on the continent.”
He said the refinery’s strong cash flow, profitability prospects, and strategic positioning would make it attractive to both local and global 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,” he 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.”
“With this expansion, the refinery transitions from producing Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks,” he said.
“We will also expand our power generation capacity to 1,000 megawatts, ensuring complete operational self-sufficiency. More than 85% of our workforce will be Nigerians, with continuous investment in skills development and technology transfer. Our commitment to safety, sustainability, and local participation remains unwavering throughout every phase of the expansion.”
Dangote said the $20 billion facility, already the largest single-train refinery in the world, will more than double its capacity within the next three years, making it a global leader in petroleum refining and a major driver of Africa’s industrial renaissance.
“This expansion reflects our confidence in Nigeria’s future, our belief in Africa’s potential, and our commitment to building energy independence for our continent and the world. It is also about confidence in Nigeria, in Africa, and in our capacity to shape our own energy future,” Dangote said.
“It is the dream of President Bola Ahmed Tinubu GCFR, for Nigeria to emerge as one of the major suppliers of petroleum products in the world. And with his strong backing through his policies, we are taking on the challenge to make this happen.”
According to him, the expansion reflects the group’s belief in Africa’s potential to achieve energy security and transform its economy from being an exporter of raw crude to a hub for refined petroleum products.