President of the Dangote Group, Aliko Dangote, has assured Nigerians that the company’s refinery will help stabilise fuel prices across the country, while also revealing plans to list the refinery on the Nigerian Exchange.
Dangote gave the assurance while speaking on recent developments surrounding the Dangote Petroleum Refinery, noting that local refining capacity would reduce Nigeria’s dependence on imported petroleum products and shield the economy from volatile global oil prices and foreign exchange pressures.
He explained that the refinery, which is designed to process 650,000 barrels of crude oil per day, is expected to significantly improve supply, eliminate shortages, and create a more predictable pricing structure for petroleum products in Nigeria. According to him, increased domestic production will also lower logistics and importation costs, which often contribute to price instability.
Dangote further disclosed that plans are underway to list the refinery’s stocks on the Nigerian Exchange, describing the move as part of efforts to promote transparency, broaden ownership, and allow Nigerians to participate directly in the project’s economic benefits. He added that the listing would be done at the appropriate time, in line with regulatory requirements and market conditions.
Shopeju Olateju
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