Dangote refinery has saved Nigeria over N10bn annually over petroleum production, says senior GM

Sunday Esan, senior general manager, corporate communications at Dangote Industries Ltd, says the Dangote refinery has saved Nigeria more than N10 billion annually in foreign exchange (FX) by replacing fuel imports with locally refined products.

Esan spoke on Thursday in Lagos during the ongoing 2025 media week of the Nigeria Union of Journalists (NUJ), Lagos state council.

The event is themed “Unlocking Opportunities for Businesses in a Challenging Economy: The Role of the Media/Roadmaps to Energy Security in Nigeria”.

According to NAN, he noted that the refinery has played a major role in cutting the nation’s need for petroleum imports.

“The refinery is more than a national landmark; it is reducing foreign exchange outflows, driving GDP growth, creating jobs, positioning Nigeria as a regional energy hub, and strengthening our national energy supply,” he said.

Esan noted that the Dangote refinery, which began operations nearly two years ago, has already made significant contributions to Nigeria’s economy.

He said the contributions include reducing petrol and diesel imports, supporting the stabilisation of the naira, creating thousands of jobs, and reinforcing the nation’s energy supply chain.

Esan highlighted that fuel imports dropped by 1.54 percent in the first quarter (Q1) of 2025.

“While Nigeria spent $2.6 billion on fuel imports in Q1 2024, the figure declined sharply to $1.2 billion in Q1 2025,” he said.

“Dangote Refinery has saved Nigeria over ₦10 billion annually in foreign exchange by replacing imports with local production.

“It has significantly curtailed oil imports and created measurable economic impact.”

Speaking on production capacity, Esan said the refinery was reviewing a scale-up from 650,000 barrels per day to 1.4 million bpd.

He added that international interest in the facility has been rising, with Saudi Aramco — one of the world’s largest refiners — and several US buyers showing interest in its jet fuel.

Esan also highlighted the size of the complex, noting that the refinery spans an area approximately seven times the size of Victoria Island, Lagos — requiring a minimum of five hours to tour by car.

“This shows the magnitude of the investment that one man, Alhaji Aliko Dangote, has brought to life,” he said.

Esan added that the acquisition of 4,000 compressed natural gas (CNG) trucks for product distribution has generated no fewer than 24,000 jobs.