Aliko Dangote, President of the Dangote Group, emphasized the significant advantages of local petroleum refining during the visit of Omar Touray, President of the Economic Community of West African States (ECOWAS) Commission, to his state-of-the-art refinery. Dangote revealed that Nigerians currently pay only 55% of the price of petrol compared to their West African counterparts, with prices at his refinery ranging between N815 and N820 per litre, while the average cost in neighboring countries hovers around $1 per litre (approximately N1,600).

He asserted that the dramatic price reductions are a direct result of local refining efforts, leading to improved fuel affordability, enhanced energy security, and reduced dependence on imported petroleum products. “As long as we continue importing what we can produce, we will remain underdeveloped,” Dangote remarked, stressing the potential of large-scale industrial projects like his refinery to meet Nigeria’s needs and to inspire regional neighbors.

Dangote also addressed misconceptions regarding the refinery’s production capabilities, stating that it is well-equipped to fulfill the petroleum demands of Nigeria and the broader West African region. Furthermore, he highlighted the significant economic impact of the refinery, including a drastic fall in diesel prices from N1,700 to N1,100, fostering growth across multiple sectors including industry, mining, and agriculture.

Touray, in turn, underscored the refinery’s importance in helping the ECOWAS region meet its stringent sulphur limit goals for petroleum products, emphasizing the need for the private sector to spearhead industrialization efforts in the region. He reiterated the necessity for ECOWAS to engage directly with private companies to better understand their needs and address operational challenges.

In light of the ongoing economic challenges, Touray called for an industrial strategy to combat youth unemployment, poverty, and security issues, while also encouraging collaboration between nations to develop infrastructure that enhances continental trade.