Economy
Dangote: Our Refinery Ended 50 Years Of Fuel Queues In Nigeria
Dangote: Our Refinery Ended 50 Years Of Fuel Queues In Nigeria
Dangote: Our refinery ended 50 years of fuel queues in Nigeria . Mr Dangote disclosed that the project involved enormous risk.
President/Chief Executive, Dangote Petroleum Refinery, Aliko Dangote, has declared that since the refinery began producing petrol a year ago, Nigeria’s five-decade-long struggle with fuel queues has finally come to an end.
Speaking at a conference to mark the first anniversary of the launch of petrol from the 650,000 barrels-per-day refinery, Dangote highlighted that Nigerians have endured persistent fuel queues since 1975. However, this issue has been steadily resolved since the refinery commenced production on 3rd September 2024.
“We have been battling fuel queues since 1975, but today Nigerians are witnessing a new era,” he said.
Acknowledging the numerous challenges the refinery has faced since its inception, Dangote emphasised the company’s unwavering commitment to Nigeria and Africa.
“The journey has been challenging because we sought to transform the downstream sector in Nigeria. Some believed we were taking food from their tables, which simply isn’t true. What we have done is to make our country and continent proud. Previously, only two African countries were not importing petrol, but regrettably, they have since resumed imports. This is detrimental to Africa,” he added.
Reflecting on the challenges faced during the refinery’s development, Dangote disclosed that the project involved enormous risk. He received repeated warnings from industry experts, investors, local and foreign government officials, who argued that only sovereign nations undertake such large-scale refinery ventures. He admitted that had the project failed, he would have lost all his assets to lenders.
“The decision to build the refinery was not easy. If it had gone wrong, lenders would have taken our assets. But we believed in Nigeria and Africa,” he said.
Despite opposition and economic headwinds, the refinery has successfully reduced the price of petrol from nearly N1,100 before production began to N841 in the Southwest, Abuja, Delta, Rivers, Edo, and Kwara. With the gradual rollout of CNG-powered trucks, Dangote anticipates that this price reduction will soon be felt nationwide.
He noted that the refinery has sufficient capacity to meet Nigeria’s domestic demand while also generating foreign exchange through exports. He revealed that between June and first week of September 2025, the facility had exported over 1.1 billion litres of Premium Motor Spirit (PMS), underscoring its capacity to meet domestic demand and contribute significantly to foreign exchange earnings.
Emphasising job creation, he stated that the refinery has no intention of displacing workers but is instead generating thousands of new employment opportunities. The deployment of 4,000 CNG-powered trucks is expected to create at least 24,000 jobs across Nigeria.
“We have not displaced any jobs; we are creating many more. The CNG trucks will not be operated by robots,” he said. “Our employees earn salaries three times the minimum wage. Our drivers receive a living wage, life insurance, health insurance covering themselves, their spouses, and up to four children, as well as a lifelong pension. We are not only employing drivers but also mechanics, fleet managers, and other professionals to support the CNG fleet.”
Dangote clarified that while the company respects trade unions, membership is a personal choice for each driver.
He reaffirmed his commitment to Nigeria’s industrialisation, describing it as essential for the continent’s development.
Dangote emphasised the urgent need for Nigeria to protect its local industries and discourage the dumping of cheap foreign goods, citing the collapse of the once-thriving textile sector as a cautionary example.
He noted that Nigeria’s path to sustainable economic growth lies in industrialisation, which not only boosts local productivity but also supports a circular economy.
Our Refinery Ended 50 Years Of Fuel Queues In Nigeria
“Other nations were not industrialised by outsiders. We must build and industrialise our own economies. Without this, how can others invest? That is why I believe the National Assembly should enact legislation to support the Federal Government’s ‘Nigeria First’ policy. My goal is to see Africa prosper, as we have the fastest-growing population in the world.
Relying on imports means exporting jobs and importing poverty. Many individuals with greater financial resources than myself want to invest, but the challenges we face discourage them. Numerous sectors are still in urgent need of industrialisation,” he said.
He reiterated that with the introduction of CNG trucks, the refinery can deliver products to consumers anywhere in Nigeria, mitigating all associated risks.
Dangote reiterated that the refinery remains open to partnerships and collaborations with other stakeholders in the downstream sector, stressing that the industry stands to gain more through collective effort and cooperation.
He also clarified that the refinery has no plans to enter the retail market, noting that he declined opportunities to acquire filling stations when they were offered for sale.
Looking ahead, Dangote announced that the refinery’s capacity would be expanded to 700,000 barrels per day in its second year of operation, with the aim of further supporting economic growth and job creation.
“Nigeria has now become the refining hub of Africa. We are set to become the largest exporter of polypropylene and are aiming to make Nigeria the world’s leading producer of fertiliser. These initiatives will generate substantial foreign exchange, create employment, and stimulate growth in other sectors,” he said.
“We are fully committed to supporting the government in adding value, creating jobs, and building a stronger economy.”
He also expressed his gratitude to the Federal Government, the refinery’s partners, dedicated workforce, and the Nigerian public for their continued support. In particular, he commended the Independent Petroleum Marketers Association of Nigeria (IPMAN) for encouraging its members to register for the free distribution initiative utilising CNG-powered trucks.
Dangote also used the occasion to showcase some of the CNG-powered trucks currently loading petrol from the refinery, emphasising that the company will successfully deploy all 4,000 trucks across the country soon. He allayed any fears of potential attacks on the drivers or the trucks, stressing that Nigeria is a country governed by the rule of law and that security agencies are fully empowered to protect its citizens and infrastructure.
Eid-el-Fitr: NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
Eid-el-Fitr: NRC sets to run three Lagos–Ibadan train trips Monday. He assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
This was contained in a statement issued on Friday in Lagos by NRC chief public relations officer, Callistus Unyimadu.
He said the additional trip was in response to high passenger turnout during the Eid-el-Fitr travel period.
“The extra trip is aimed at easing passenger movement and providing more travel options for commuters returning after the Eid-el-Fitr celebrations.
“Under the schedule, departures from Lagos (Mobolaji Johnson Station, Ebute Metta) will be at 7.45 a.m., 1.40 p.m., and 4.00 p.m.
“From Ibadan (Obafemi Awolowo Station, Moniya), trains will depart at 8.00 a.m., 10.50 a.m., and 4.30 p.m.,” he said.
Mr Unyimadu assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
He advised travellers to arrive early, comply with ticketing and security procedures, and plan their journeys.
“The corporation appreciates the continued patronage of its services and wishes all passengers a safe and pleasant journey,” he added.
UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa
United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.
The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.
Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.
To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.
“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK
“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa
The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.
This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.
Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.
ABOUT UNITED BANK FOR AFRICA (UK) LIMITED
UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.
UBA
ABOUT UNITED BANK FOR AFRICA GROUP
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
ABOUT BRITISH INTERNATIONAL INVESTMENT
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.
The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
Eid-el-Fitr: President Tinubu Felicitates Muslims, Urges Renewed Unity, Patriotism
Eid-el-Fitr: President Tinubu felicitates Muslims, urges renewed unity, patriotism. Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan.
The president urged them to renew commitment to national unity, peaceful coexistence, and service to humanity as they celebrate the festival across the country on Friday.
This is contained in a statement issued by presidential spokesperson, Bayo Onanuga, on Thursday in Abuja.
Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan, noting that the holy month teaches discipline, sacrifice, compassion, and devotion to God and humanity.
He said: “We have a lot to draw from the noble lessons of Ramadan, especially at a time like this.
“We must continue to abide by the virtues of piety, selflessness, perseverance, kindness and compassion beyond this period.”
The president emphasised the need for Nigerians to remain united across religious and ethnic lines, stressing that national cohesion remains vital for sustainable peace and development.
He urged Muslims to extend acts of kindness and charity to the less privileged, irrespective of religious or ethnic background, in line with the enduring values of Islam.
Mr Tinubu noted that such gestures would strengthen social bonds, promote inclusiveness, and reinforce the spirit of brotherhood that defines the Nigerian society.
The president also called on religious leaders to use the occasion to offer prayers for peace, stability, and economic prosperity across the country.
Tinubu
He expressed optimism that with collective efforts, Nigeria would overcome its challenges and achieve lasting progress for the benefit of all citizens.
Mr Tinubu wished Muslims a joyous celebration, praying that the blessings of Ramadan would bring renewed hope, strength, and guidance to individuals, families, and the nation.
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