Business
Nigeria Can Become a Refining Hub and Save Africa’s $17bn on Petrol Imports – Aliko Dangote
Aliko Dangote, Africa’s wealthiest man and CEO of Dangote Group, has reiterated his belief that Nigeria has the potential to become a refining hub for the continent. Speaking at a recent industry event, Dangote emphasized that Nigeria could save Africa approximately $17 billion spent annually on the importation of petroleum products by ramping up local refining capacity.
According to Dangote, the continent’s reliance on imported refined products, despite being rich in crude oil, is a major economic drain. He pointed out that Nigeria, being Africa’s largest crude oil producer, is in a prime position to capitalize on its resources by developing a robust refining industry. This would not only cut down on the costs of fuel imports but also position the country as a key exporter of refined petroleum products to other African nations.
Dangote’s ongoing Dangote Refinery project, located in Lagos, was cited as a prime example of how local refining could address the challenges of fuel import dependency. The refinery, which is expected to have a processing capacity of 650,000 barrels per day, is set to significantly reduce the need for imported fuel in Nigeria and neighboring countries once it becomes fully operational.
He further stated that by enhancing local refining capabilities, Nigeria could create jobs, boost the economy, and stabilize its foreign exchange reserves. The move would also have a ripple effect across Africa, as other countries could benefit from reduced fuel costs and a reliable supply of petroleum products.
In conclusion, Dangote stressed that achieving this goal requires continued investment in the energy sector, alongside strong policy frameworks that encourage private sector involvement in refining activities.
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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