Chairman of the Dangote Group, Aliko Dangote, says fuel prices in Nigeria will keep falling as the company positions itself to compete favourably with imported products, despite ongoing smuggling across the country’s borders.
Speaking to journalists on Friday after a meeting with President Bola Tinubu at the State House in Abuja, Dangote said the price gap between Nigeria and neighbouring countries continues to drive smuggling, even though the practice has reduced.
“Prices are going down. The reason why prices have to go down is that we also have to compete with imports. But you know, luckily for us, now smuggling has reduced, not totally,” he said.
He explained that Nigeria’s fuel prices remain significantly lower than those in neighbouring countries, making the product attractive to smugglers.
“The price we have in Nigeria is about 55% of the price of our neighbouring countries,” he said. “They are selling at almost 1,500 or 1,600 per litre, but we’re selling at about 800 and something. So, it doesn’t matter how you police the borders; people will still smuggle because there’s so much money to be made.”
Dangote assured that petroleum products—both diesel and petrol—will remain available at reasonable prices as the market stabilises.
The billionaire industrialist highlighted progress at the $20 billion, 650,000-barrel-per-day Dangote Refinery, which began producing diesel and aviation fuel in January 2024 and started supplying petrol to the Nigerian market in September.
Despite the massive investment, Dangote said he is more focused on long-term impact than immediate returns.
“We are not here to make our $20 billion back quickly. It’s a long-term investment,” he said. “What do we really want to leave as a legacy? The legacy I want to leave behind is to see that whatever Nigeria needs, we will be part of that delivery.”
Describing his meeting with the President as “very nice” and “fruitful,” Dangote said they discussed the economy, the business environment, and broader national issues.
