Dangote Refinery boosts Nigeria’s economy, cutting fuel imports and saving billions in foreign exchange, according to Dangote Industries
Mr Sunday Esan, Senior General Manager of Corporate Communications at Dangote Industries Ltd., said in Lagos on Thursday that the Dangote Refinery has delivered a major boost to the Nigerian economy by saving more than ₦10 billion annually in foreign exchange through the replacement of imported fuel with locally refined products.
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Esan made the disclosure during the 2025 Media Week of the Nigeria Union of Journalists, Lagos State Council, which is themed around opportunities for businesses in a challenging economy and the roadmap to national energy security.
He said the refinery has sharply reduced Nigeria’s reliance on imported petroleum products and is strengthening energy resilience.
He described the complex as more than a national landmark, noting that it is driving GDP growth, limiting foreign exchange outflows, generating thousands of jobs and positioning Nigeria as a regional energy hub.
He added that the facility, which began operations almost two years ago, has already made a profound economic impact.
Esan cited first-quarter figures showing that fuel imports fell by 1.54 per cent. Nigeria spent 2.6 billion dollars on fuel imports in the first quarter of 2024, compared with 1.2 billion dollars in the same period of 2025, a decline he said was directly influenced by the refinery’s output.
He explained that the Dangote Refinery has “significantly curtailed oil imports” and stabilised parts of the supply chain.
Speaking on future capacity, Esan disclosed that production is being reviewed for a scale-up from 650,000 barrels per day to 1.4 million barrels per day.
Global interest in the refinery is intensifying, he said, with Saudi Aramco and United States buyers showing interest in its jet fuel.
He also highlighted the vast size of the operation, saying it covers an area roughly seven times the size of Victoria Island and requires at least five hours to tour by car.
He said the acquisition of 4,000 compressed natural gas trucks for product distribution has created at least 24,000 jobs.
Esan urged journalists to deepen their reporting on the energy sector and to visit the refinery so that their coverage is both accurate and reflective of its national importance.
Mr Udeme Akpan, Energy Editor at Vanguard Newspapers, said strong media partnerships provide businesses with credible information essential for informed decision-making.
He emphasised that credibility must remain central to journalistic practice to maintain trust with the private sector.
In his welcome remarks, Mr Adeleye Ajayi, Chairman of the Lagos Council of the Nigeria Union of Journalists, said the lecture provided a timely platform to reflect on the challenges confronting Nigeria’s energy sector.
He acknowledged ongoing government efforts to harness the sector for national development and encouraged sustained collaboration with media organisations.
Mr Wale Akodu, Chairman of the Press Week Committee, reflected on previous years of hardship marked by fuel scarcity and panic buying, particularly during festive periods.
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He said such crises have largely receded, crediting improved domestic fuel supply for easing public anxiety.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
