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.
Bitcoin has fallen below $63,000, reaching its lowest level since October 2024 amid weakening investor confidence and increased volatility in the cryptocurrency market.
According to CoinMarketCap data, Bitcoin dropped 13.9 per cent to $62,965 as of 10:20 p.m. on Thursday. The decline comes after months of downward movement, with the cryptocurrency now more than 45 per cent below its October peak.
Ethereum also recorded a sharp decline, falling 13 per cent to $1,863, while the global cryptocurrency market capitalisation dropped to $2.19 trillion.
Analysts reportedly linked the latest decline to a broader sell-off in US technology stocks, which has also affected other risk assets. Bitcoin had reached an all-time high of more than $125,000 on October 5 before falling sharply in the days that followed, highlighting the continued volatility in the crypto market.
Businessman Aliko Dangote has explained why he believes Nigerians should participate in the ownership of his refinery by purchasing shares.
He was asked by singer Davido why Nigerians should participate, and Dangote explained that the initiative would help spread wealth and prosperity across Africa.
“Well, it’s very important because that is the only way to spread prosperity and wealth throughout Africa. And like I said, this is not going to be the first and the last. We will continue with even our fertilizer. By the time we finish listing, every single one will own part of our businesses and we will create a pool of cash…”
He explained that the goal is to create opportunities for more Nigerians to own a stake in the businesses and help spread wealth across the country.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
Walid Acherchour Backs Lamine Yamal to Win 2026 Ballon d’Or
Zlatan Announces Wedding Date With Longtime Partner Davita
11 New K-Dramas To Add To Your Watch-list This October 2026
-
Entertainment7 hours agoBridgerton Announces Violet and Edmund Love Story Spin-Off
-
Entertainment7 hours agoMr Eazi Sparks Reactions With Comment About Expecting Twins
-
Entertainment7 hours agoFrom Men in Black to Aladdin: 10 Will Smith Movies
-
Entertainment7 hours ago11 New K-Dramas To Add To Your Watch-list This October 2026
-
Entertainment7 hours ago10 Global Music Stars Who Became Famous At A Young Age
-
Sport7 hours agoWalid Acherchour Backs Lamine Yamal to Win 2026 Ballon d’Or
-
Entertainment7 hours agoZlatan Announces Wedding Date With Longtime Partner Davita