Aliko Dangote, the president of the Dangote Group, says the price of Premium Motor Spirit (PMS), popularly known as petrol in Nigeria, is the cheapest compared to other regions in Africa.
Dangote said Nigerians are currently paying 55% of what other regions are paying for petrol.
The oil magnate made the statement during the visit of the President of the Economic Community of West African States Commission (ECOWAS), Dr Omar Touray, and his team to the 650,000 barrels-per-day facility.
Dangote maintained that local refining has helped in PMS price reduction, which they have continued to enjoy.
He explained that local refining has continued to improve, thereby culminating in improved fuel affordability while enhancing energy security and reducing dependence on imports.
Responding, Dr Touray described the 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.
For decades, Nigeria has paradoxically remained one of the world’s top crude oil producers while importing the vast majority of its refined petroleum products. This mismatch between potential and capacity has cost the country billions in foreign exchange and left it vulnerable to global supply disruptions.
Therefore, the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, marks a monumental achievement in Nigeria’s pursuit of self-sufficiency in refined petroleum products. As the largest single-train refinery in the world, it symbolises the possibilities of African industrialisation, self-sufficiency, and the redefinition of economic narratives often mired in underdevelopment and over-reliance on raw exports.
Former Nigerian President, Muhammadu Buhari, at the inauguration, described the Dangote Petroleum Refinery as a milestone achievement that will redefine Nigeria’s position in the global market.
RN
