Aliko Dangote has revealed that Nigerians are paying just N820 per litre for petrol—a staggering 45% discount compared to the West African average of N1,600—thanks to his $20bn Lekki refinery. During an ECOWAS delegation visit, Africa’s richest man framed the price drop as proof that local production, not imports, holds the key to energy security and economic development.
- Price Advantage: Nigeria’s N820/litre beats regional average of N1,600 ($1), saving households 45% on fuel.
- Industrial Ripple Effect: Diesel prices crashed from N1,700 to N1,100, boosting the agriculture/mining sectors.
- ECOWAS Endorsement: Commission President Omar Touray hailed the refinery for meeting strict 50ppm sulphur standards.
- Coming Expansion: Dangote hinted at an unannounced “larger initiative” to further benefit Nigerians.
- Pan-African Vision: Facility positioned to supply the entire West Africa, reducing reliance on substandard imports.
When a single refinery can reshape an entire region’s energy economics, it’s not just business, it’s nation-building. Should African governments mandate local refining like Nigeria, or does free trade better serve energy needs?
