Nigerians will no longer face the ritual of festive-season fuel queues, Aliko Dangote declared on Friday, insisting that his vast new refinery is finally ready to deliver more petrol than the country consumes.
Speaking after a meeting with President Bola Tinubu at the Presidential Villa in Abuja, the chairman of the Dangote Group said the refinery had formally notified regulators of its readiness to supply 50 million litres of petrol daily—well above national demand.
“Historically, Nigeria has battled fuel queues since 1972,” he said. “For the first time, we are eliminating those queues, not through imports but by producing locally… I can assure you that queues are now history.”
Dangote said the plant would begin producing surplus volumes early next year, with an additional 15–20 million litres expected by February. This excess, he argued, would allow exports to neighbouring countries and ease the region’s chronic fuel shortages.
He also signalled a major shift for domestic manufacturing, noting that plastics producers and other industries would finally enjoy steady access to locally made feedstock, ending an import bill he estimates at $400m annually.
A refinery built to eclipse the world’s largest
Dangote used the briefing to unveil sweeping expansion plans. By 2028, he said, the refinery’s capacity would rise to 1.4 million barrels per day — overtaking India’s Reliance refinery, currently the largest at 1.25 million barrels per day. Construction piling for the expansion, he added, would begin before the end of January.
He also revealed ambitions to scale up urea production to 12 million tonnes annually, which would position Nigeria to surpass Russia and Qatar as the world’s leading supplier. “Our goal is to use our fertiliser company to supply the entire African continent,” he said.
Price drops in petrol and diesel, he argued, were already being driven by competition and a sharp fall in smuggling. “Prices are going down because we must compete with imports… Luckily, smuggling has dropped significantly,” he said.
‘We’re not here to recover $20bn overnight’
Dangote insisted his refinery is a long-term national investment, not a quick-profit venture. “The legacy I want to leave is that whatever Nigerians need — fuel, fertiliser, power — we will be part of delivering it,” he said.
He also highlighted long-standing logistical constraints, lamenting that Lagos’ major ports were overstretched and unsuitable for bulk mineral exports. To address this, he confirmed that the Group is developing what he said would become West Africa’s largest deep-sea port at Olokola, due within two to two-and-a-half years.
Support for Tinubu’s naira-for-crude policy
Dangote expressed support for the Tinubu administration’s bid to mandate domestic crude sales in naira — a policy he described as patriotic but currently facing resistance from international oil companies. “It’s a teething problem, but it will be resolved, either through legislation or administrative action,” he said.
He dismissed concerns that global competition might overwhelm the refinery’s prospects. “What we want is to make Nigeria the refining hub of Africa. All African countries import fuel. We want what we consume to be produced here.”
‘If you can buy a private jet, you can build a factory’
The billionaire also urged Nigeria’s wealthy to direct their capital toward industry rather than conspicuous consumption. “If you have money for a private jet, invest in industries and create jobs,” he said, arguing that domestic investors must lead industrialisation to attract global capital.
While acknowledging years of policy inconsistency, smuggling and factory shutdowns, Dangote said he believes the country is finally on a steady path. “Nobody advertises a good restaurant; when the food is good, word spreads,” he said.
Describing his meeting with Tinubu as a routine consultation on the economy, he said it was “a very fruitful meeting.”
