Wisdom Engraced
Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us
Aliko Dangote, President of the Dangote Group, has called on President Bola Tinubu to extend the ‘Nigeria First’ policy to include refined petroleum products. This policy, introduced in May 2024, prohibits government agencies from importing goods or services available locally without justification and a Bureau of Public Procurement waiver.
For further information, read more details here
Dangote made the request at the Global Commodity Insights Conference on West African Refined Fuel Markets, stating, “The Nigeria First policy announced by His Excellency, President Bola Tinubu, should apply to the petroleum product sector and all other sectors.” He argued that local refiners are struggling to sell their products due to “dumping” of cheap, often toxic petroleum products.
“We are now facing increased dumping of cheap, often toxic petroleum products, some of which are blended to substandard levels that would never be allowed in Europe or North America,” Dangote said. He claimed that some importers bring in fuel or crude oil subsidized in Russia, affecting local pricing and forcing refiners to drop prices below their costs
“Due to the price caps on the Russian petroleum products, discounted petroleum products produced in Russia or with discounted Russian crude find their way to Africa, severely undercutting our local production,” Dangote stated. He urged governments across Africa to protect domestic producers from unfair competition, citing examples from the United States, Canada, and the European Union.
Addressing concerns around monopoly and dominance, Dangote said, “Let me take this opportunity to address concerns around monopoly and dominance. The reality is that too many people who have the means and the opportunity to contribute meaningfully to our nation’s growth choose instead to criticise from the sidelines while investing their wealth abroad.”
Dangote highlighted his refinery’s capacity to meet local fuel needs, revealing that Nigeria has become a net exporter of petroleum products. Between June and July 2025, the refinery exported approximately 1 million tonnes of petrol, equivalent to 1.35 billion litres. “Today, Nigeria has actually become a net exporter of refined products,” he stated.
However, oil marketers and industry analysts have rejected Dangote’s call, warning that a ban on fuel imports would lead to inflation and monopoly. Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, said, “We should continue to import even as we buy locally.” Billy Gillis-Harry, National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, echoed this sentiment, emphasizing the importance of a free market economy and multiple energy sources
Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it.
Drop your comment in the section below, and don’t forget to share the post
Jonathan Nwokpor
