Nigerians Paying 55% of What Others in Regions Pay
President of the Dangote Group, Aliko Dangote, has disclosed that Nigerians are currently paying only 55% of what others in the region are paying for premium motor spirit (PMS), popularly known as petrol.
This statement was made during a visit to the 650,000 barrels-per-day Dangote Refinery by the President of the Economic Community of West African States (ECOWAS) Commission, Dr. Omar Touray, and his team.
According to Dangote, the average price of petrol in neighboring countries is around $1 per liter, which is equivalent to ₦1,600.
However, at the Dangote Refinery, petrol is being sold at between ₦815 and ₦820 per liter. “Many Nigerians don’t realize that they are currently paying just 55% of what others in the region are paying for petrol,” Dangote said.
The billionaire businessman attributed the price reduction to local refining, which has improved fuel affordability, enhanced energy security, and reduced dependence on imports. He also hinted at a larger initiative in the pipeline, which will further benefit Nigerians.
The ECOWAS Commission President, Dr. Omar Touray, praised the Dangote Refinery as a “beacon of hope for Africa’s future” and a clear demonstration of what the private sector can achieve in driving regional industrialization. He congratulated Dangote for his trust in Africa and his vision for the continent.
Touray also emphasized the importance of the refinery in enabling the ECOWAS region to meet its 50ppm sulphur limit for petroleum products, a standard that many imported fuels fail to meet, posing health and environmental risks across member states.
The ECOWAS Commission President called for stronger collaboration between governments and the private sector, stressing that policy decisions must reflect the real challenges and opportunities experienced by African industrialists. He pledged the Commission’s full support for enabling regional giants like the Dangote Group to access wider ECOWAS markets.
The visit to the Dangote Refinery was seen as an opportunity for the ECOWAS Commission to hear directly from Dangote about what the private sector expects from the ECOWAS community.
As ECOWAS celebrates its 50th anniversary, the community is more committed than ever to bringing the private sector to the table to listen to their perspectives and understand how best to create an environment that works for them.
In his remarks, Touray said, “We cannot continue to make decisions on behalf of the private sector from a distance. Visits like this provide us with first-hand experience and direct insight into the challenges they face—challenges that authorities and government officials must work to address.”
The ECOWAS Commission President emphasized that the time is ripe for the region to pursue an industrial strategy capable of addressing deep-rooted challenges such as youth unemployment, poverty, and insecurity. He urged other African nations to follow Nigeria’s example by building infrastructure that serves the continent, not just individual countries.
The visit to the Dangote Refinery was attended by other high-ranking officials, including the ECOWAS Commissioner for Infrastructure, Energy and Digitalisation, Sediko Douka; Commissioner of Internal Services, Nazifi Abdullahi Darma; Director of Private Sector/SME, Dr. Tony Luka Elumelu; and Touray’s Chief of Staff, Abdou Kolley, among others.
