Business
Dangote: My 650,000 BPD Refinery Was Built Without Government Incentives
Aliko Dangote, President of Dangote Group, stated that the construction of his 650,000 barrels-per-day refinery was accomplished without any form of support or incentives from the Nigerian government.
He made this known during the Crude Oil Refinery Owners Association of Nigeria Summit held in Lagos, where he was represented by the Executive Director of the Dangote Group, Engr Mansur Ahmed.
Dangote highlighted the refinery’s remarkable capacity, which already supplies enough diesel and jet fuel to satisfy Nigeria’s domestic needs, addressing the country’s long-standing dependency on fuel imports.
This project, located in the Lekki Free Trade Zone of Lagos, was built at a cost of $20 billion and began operations on January 12, 2024, with an initial refining capacity of 300,000 barrels per day.
By September 2024, this capacity was increased to 400,000 barrels per day, showcasing the rapid expansion of its output.
The refinery has since played a significant role in reshaping Nigeria’s energy landscape, with the Nigerian National Petroleum Company Limited (NNPCL) being the exclusive distributor of the refinery’s petrol.
This strategic partnership led to the distribution of petrol across the nation, beginning on September 15, 2024.
Following this development, NNPCL announced an adjustment in fuel prices, setting rates between N950 and N1,100 per liter across its retail outlets nationwide.
Despite Nigeria’s status as Africa’s largest crude oil producer, it has struggled for years to meet its refined petroleum needs domestically.
This has resulted in an overreliance on imports, a situation the Dangote Refinery aims to change.
Dangote emphasized that this refinery will not only reduce the nation’s import dependency but also boost economic growth by creating jobs and stabilizing fuel prices over time.
In his continuous push for reforms, Dangote has been a vocal advocate for the Nigerian government to completely eliminate fuel subsidies.
He reiterated this stance in September 2024, stressing that the removal of subsidies is essential for economic development, as it would free up government resources that could be directed toward infrastructure and social programs.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.
The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.
Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
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