Dangote Refinery Ends 50 Years of Fuel Scarcity, Saves Nigeria $1bn Yearly, Targets $500m Cement Exports by 2026

Story written by Okafor Joseph September 16,2025

Africa’s richest man, Aliko Dangote, has announced that the Dangote Petroleum Refinery has put an end to Nigeria’s five-decade-long fuel scarcity, saving the country over $1 billion annually in demurrage costs.

Speaking in Lagos at the refinery’s one-year anniversary of petrol production, Dangote highlighted that the 650,000 barrels-per-day facility has transformed the nation’s energy sector by ensuring stable fuel supply, reducing pump prices, and generating foreign exchange through exports.

According to him, Nigerians have endured fuel queues since 1975, but the refinery’s operations since September 2024 have marked “a new era.” He disclosed that between June and September 2025 alone, the refinery exported over 1.1 billion litres of petrol, proving its ability to meet both local demand and international markets.

Dangote stressed that the project, which faced significant opposition and financial risks, has created thousands of jobs and will expand further. With the rollout of 4,000 Compressed Natural Gas (CNG)-powered trucks, at least 24,000 new jobs are expected, while drivers and staff enjoy robust salaries, pensions, and insurance benefits.

He also revealed that the refinery has already reduced the cost of petrol from nearly ₦1,100 per litre to ₦841 in several regions, with more reductions expected nationwide as CNG trucks are deployed.

Looking ahead, Dangote announced plans to expand refining capacity to 700,000 barrels per day and invest in electric vehicles (EVs) by 2026, while cement exports are projected to earn Nigeria $500 million annually starting next year.

Dangote urged the government to protect local industries from cheap imports, warning that reliance on foreign goods “exports jobs and imports poverty.” He called for legislation to support Nigeria’s industrialisation drive, noting that the refinery will continue to support economic growth through job creation, value addition, and partnerships in the downstream sector.

“Nigeria is now the refining hub of Africa,” he declared. “We are building an economy that creates jobs, generates foreign exchange, and makes our continent proud.”