By Ogungbayi Beedee Adeyemi
adeyemi@ddnewsonline.com
Africa’s richest man, Aliko Dangote, celebrated the one-year anniversary of petrol production at his $20 billion Dangote Refinery on Thursday by declaring an end to Nigeria’s five-decade fuel queue nightmare, while unveiling sustained price cuts that have slashed pump costs by up to ₦259 per litre in major cities.
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Speaking at a high-profile conference at the Lekki Free Trade Zone facility – the world’s largest single-train refinery at 650,000 barrels per day (bpd) – Dangote hailed the plant’s role in stabilizing supply, boosting exports, and generating $1.1 billion in foreign exchange since June 2025. “We’ve ended the queues that plagued us since 1975. This is a new era for Nigeria’s energy independence,” he declared to a packed hall of industry leaders, including NNPC executives and IPMAN representatives.
The anniversary caps a transformative year: From a September 2024 launch amid subsidy removal chaos to today’s surplus output exceeding 45 million litres of petrol and 25 million litres of diesel daily outpacing national demand by 20%.
Dangote confirmed no hikes during the ember months, despite global crude spikes. Key reductions under the refinery’s Direct Delivery Scheme (using 1,000 CNG trucks, creating 24,000 jobs):
State/Region Pre-Refinery Price (Sep 2024) Current Price (Nov 2025) Savings
Lagos/Southwest ₦1,100/litre ₦841/litre ₦259
Abuja ₦1,030/litre ₦851/litre ₦179
Delta/Rivers ₦1,050/litre ₦841/litre ₦209
Edo/Kwara ₦1,040/litre ₦841/litre ₦199
Nationwide Avg ₦1,030/litre ₦851/litre ₦179
Diesel has tumbled from ₦1,700/litre to ₦1,020/litre, with depot prices dipping to ₦910/litre in Lagos sparking a glut at 30+ depots and forcing independent marketers to slash rates.
“Nigerians can enjoy Christmas and New Year without fuel anxiety. Our CNG fleet will ensure nationwide reach,” Dangote assured, pledging expansion to 700,000 bpd by late 2025 and 1.4 million bpd within three years.
Finance Minister Wale Edun called it “the cornerstone of our $1 trillion economy push by 2031.” NNPC’s Mele Kyari praised the partnership: “Dangote ended our import curse.”
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But whispers persist: Recent outages and maintenance raised supply fears, though Dangote dismissed them as “minor hiccups” with 310 million litres in stock.
As the refinery eyes LSE/NSE listing, Dangote urged: “Invest in Nigeria we’re open for business.”
DDNewsOnline