Jet fuel crisis: a boon for Nigeria's Dangote, but not for local airlines

Nigeria's giant Dangote refinery is benefiting from record margins for producing jet fuel that it is mostly selling abroad, while the domestic airlines it also supplies have threatened ​to stop flying because of the surge in fuel prices.

The refinery, the largest on the continent, was built to turn Africa's biggest oil producing ‌country into a net exporter of refined products, end Nigeria's reliance on fuel imports, and shield its economy from global energy shocks.

It became fully operational at the start of this year and is producing at its maximum capacity of 650,000 barrels per day.

That has improved local fuel availability but domestic fuel prices are still among the highest in Africa as Nigeria's market is fully deregulated, meaning fuel prices are ​not subsidised by the government as they are in most African countries.

The issue is further complicated by the state oil company's long-standing debt repayment agreements that ​mean Dangote has to import most of its crude oil, making it easier to balance its books if it sells abroad.

CLASH WITH ⁠THE NEEDS OF THE AVIATION INDUSTRY

Industry body the Airline Operators of Nigeria said prices, taking logistics and storage costs into account, have climbed to 3,300 naira ($2.44) per litre, ​nearly triple the level in February before the start of the Iran war.

Nigeria's energy regulator said Dangote was selling jet fuel at 1,879 naira ($1.39) per litre, little changed from imported fuel ​prices of about 1,900 naira ($1.41) per litre delivered to Lagos earlier this month.

The Middle Eastern conflict has led to unprecedented energy disruption and the risk of jet fuel shortages is pressing. Airlines around the world have hiked prices, added fuel surcharges and grounded planes.

Nigerian airlines last week threatened to halt all flights, prompting the government on Thursday to approve measures including some relief on debts owed by local airlines ​and ordering talks to try to agree lower prices.

DANGOTE'S MARGINS COULD BE EVEN BETTER?

Dangote, meanwhile, as a new, highly efficient refinery, has been able to take advantage of record margins ​for producing jet fuel from crude.

Its profits could be even higher if it could rely on Nigerian crude and avoid almost all freight costs.

State oil firm, the Nigerian National Petroleum Company Limited’s ‌joint‑venture crude, ⁠however, is tied to oil-backed loans and pre‑export deals.

That means much of Nigeria's roughly 1.5 million barrels per day of production goes to paying debts to international oil majors, banks and traders. The NNPC does not disclose its obligations, but analysts estimate they amount to about 400,000 bpd.

Dangote Group Vice President Davekumar Edwin said Dangote imported most of its crude from the U.S., as well as some from other African producers and Brazil. He did not give precise figures.

He said the bulk of the 24 million litres of jet ​fuel it produces daily was shipped to Europe, ​although he also said the refinery ⁠largely supplied the needs of Nigerian airlines, which the aviation industry estimates at about 2.1 million litres per day.


EUROPEAN BUYERS ARE WILLING TO PAY UP

As European buyers are willing to pay a premium ahead of the peak demand summer travel season, European imports from ​Nigeria have averaged 78,000 to 96,000 barrels per day in April so far, data from Kpler and LSEG showed, the highest ​on record.

Alan Gelder, senior ⁠vice president for refining, chemicals and oil markets at Wood Mackenzie, said European refiners had earned about $15 per barrel.

He estimated Dangote's margins at more than double that as a result of access to Nigerian crude and the plant's scale and sophistication. Edwin did not disclose figures, but the profits from producing jet fuel hit a record on international markets in March.

Dangote, as ⁠a private refinery, ​prices its products in response to global markets, Gelder said, and that building a big refinery "does not ​automatically mean fuel prices fall".

Dangote plans to list shares in the coming months and is expanding the complex to 1.4 million bpd capacity, which could make it the world's largest refinery by the end of the ​decade.

By Macdonald Dzirutwe, Reuters

Dangote plans world’s largest refinery expansion, targeting 95,000 jobs

 

Africa’s largest industrial project is set to scale further, with Aliko Dangote announcing plans to expand the Dangote Refinery to a production capacity of 1.4 million barrels per day, a move expected to create up to 95,000 skilled jobs at peak construction.

Dangote made the disclosure in Lagos during his induction as an Honorary Fellow of the Nigerian Academy of Engineering, framing the expansion as a significant step in Nigeria’s industrialisation drive.

“This award is particularly meaningful because it recognises what we are doing in the industry,” he said, adding that the project would employ “about 95,000 skilled workers on site” at its peak.

Once completed, the upgraded facility is projected to surpass India’s Jamnagar Refinery to become the world’s largest refinery by capacity. The development is expected to strengthen Nigeria’s domestic refining capability, reduce reliance on imported fuel, and ease pressure on foreign exchange reserves.

Dangote said the expansion would rely heavily on local expertise, creating opportunities for engineers, technicians, and artisans, while also driving technology transfer and supporting the broader oil and gas value chain.

“The scale of this expansion reflects our confidence in Nigerian capacity and our belief that Africa can build world-class infrastructure,” he said.

Call for deeper Dangote investments

Industry observers note that the refinery has already been positioned as a cornerstone of Nigeria’s efforts to become a net exporter of refined petroleum products, with potential spillover effects across manufacturing and logistics.

In a separate development, Abdullahi Sule called on the Dangote Group to deepen its investments in Nasarawa State, citing its untapped mineral resources.

Speaking at the Nasarawa Trade Fair, Governor Sule, represented by a state official, said existing collaboration with the conglomerate could be expanded to support industrial growth.

He also referenced the group’s long-term investment ambitions, including a $100 billion target under its Vision 2030 strategy, suggesting such commitments could bolster small businesses and stimulate broader economic activity.

While the refinery expansion signals growing investor confidence in Nigeria’s industrial base, analysts say its long-term impact will depend on regulatory stability, infrastructure support, and global oil market dynamics.

By Segun Adeyemi, Business Insider Africa

Related story: Africa’s richest man sees his net worth surge by $3.21 billion

Africa’s richest man sees his net worth surge by $3.21 billion

 

Africa’s richest man, Aliko Dangote, is emerging as one of Africa's top wealth creators in 2026, with his riches skyrocketing amid significant changes in Nigeria's petroleum sector.

According to the Bloomberg Billionaires Index, Dangote is Africa's third best-performing billionaire this year, with a net worth of $33.2 billion and a year-to-date gain of $3.21 billion.

He trails Natie Kirsh, who has added $5.50 billion despite having a lower net worth of $15.2 billion, and fellow Nigerian Abdulsamad Rabiu, whose wealth has increased by $4.64 billion to $14.8 billion.

Dangote began the year with a net worth of $30.4 billion, making him the 80th richest person in the world at the time.

A month later, the Nigerian billionaire, per the Bloomberg index, saw his net worth rise by $2.79 billion to $32.8 billion, making him the 73rd richest person globally, the same spot he currently occupies.

Dangote's recent increase follows a significant milestone in Nigeria's oil sector.

For the first time in decades, the country has become a net fuel exporter, thanks largely to output from the Dangote Petroleum Refinery.

According to data from energy analytics firm Kpler, Nigeria exported approximately 44,000 barrels of petrol per day in March 2026, slightly exceeding imports and leaving a surplus.

The refinery's rising presence is already felt across the continent.

In March alone, it sent 12 cargoes of refined petroleum products to Côte d'Ivoire, Cameroon, Tanzania, Ghana, and Togo, totaling 456,000 tons.

This signifies Nigeria's return to regional fuel markets as a supplier rather than a buyer.

However, issues remain as Nigeria imported an estimated 61.7 million barrels of crude oil from the United States between January 2024 and January 2026, totaling approximately $4.9 billions, most of which were purchased by the country’s only working oil refinery.

Beyond fuel, Dangote is diversifying the products he is offering from his refinery to include other petrochemicals.

A recent report showed that the Dangote Refinery is looking into using Honeywell International Inc. technology to produce 400,000 metric tons of linear alkylbenzene, a major ingredient in detergent manufacturing, in a $11.5 billion venture.

Taken together, these developments demonstrate how Dangote's industrial ventures are not only altering Nigeria's energy scene but also fueling his quick rise in global wealth rankings.

By Chinedu Okafor, Business Insider Africa

Dangote taps Honeywell to expand plastics and detergent petrochems

Nigeria’s Dangote oil refinery has reached a deal with Honeywell to use the U.S. industrial group’s technology to build up production of petrochemicals for plastics and detergents, the companies said, expanding the $20 billion complex’s footprint beyond fuels and making Nigeria less dependent on imports.

The move is part of Dangote’s wider plan to build an integrated petrochemicals business around Africa’s largest refinery, producing industrial and consumer inputs locally while positioning Nigeria as a regional manufacturing hub.

Dangote said on Monday it will use Honeywell UOP’s Oleflex technology to produce an additional 750,000 metric tons a year of propylene at its Lekki refinery, supporting plastics used in packaging, consumer goods and industrial applications.

The refinery will also deploy Honeywell technologies to produce 400,000 tons a year of linear alkylbenzene (LAB), a key ingredient in detergents and cleaning products. Once fully operational, Dangote says its LAB plant is expected to rank among the world’s largest.

Financial details of the deal were not disclosed.

Dangote’s $2 billion petrochemical plant at the Lekki complex near Lagos, situated close to the main refinery and with a 830,000 metric tonne capacity, also began producing polypropylene in March 2025, in 25kg bags for the local market.

Dangote and Honeywell have worked together for years on the main refinery, which currently has capacity of 650,000 barrels per day. Using Honeywell technology, Dangote plans to lift capacity to 1.4 million bpd by 2028, a move that Dangote says would make it the world’s biggest refinery by throughput.

By Isaac Anyaogu, Reuters

Nigeria exports 55.39 million barrels as Dangote refinery faces crude supply shortfall

Nigeria exported 55.39 million barrels of crude oil in the first two months of 2026, highlighting a widening imbalance between rising export flows and persistent domestic supply shortages affecting its largest refinery.

Data from the Central Bank of Nigeria showed that exports totalled 31.31 million barrels in January and 24.08 million barrels in February.

Average daily production stood at 1.46 million barrels in January and 1.31 million barrels in February, while export levels averaged 1.01 million barrels per day and 0.86 million barrels per day, respectively.

Overall production for the two months reached 81.94 million barrels, leaving 26.55 million barrels for local refining. The figures underscore ongoing tensions between export commitments and domestic industrial demand, particularly from the 650,000-barrel-per-day Dangote Petroleum Refinery.

The $20bn Lekki-based refinery has repeatedly reported insufficient crude supply from domestic producers, forcing it to supplement feedstock with imports from international markets despite Nigeria’s status as Africa’s largest oil producer.

The imbalance persists under the naira-for-crude arrangement, which is designed to prioritise local refining but continues to face implementation challenges. Industry stakeholders say a significant portion of crude output is still exported rather than directed to domestic refineries.

Between October 2025 and mid-March 2026, the Dangote refinery reportedly faced a crude shortfall of about 79.53 million barrels. Internal data indicate that the facility requires approximately 19.77 million barrels per month to operate at full capacity, but received far lower volumes during the period.

Monthly deliveries included 4.55 million barrels in October, 6.45 million in November, 4.30 million in December, 5.65 million in January, and 4.66 million in February, with 3.6 million barrels supplied in the first half of March. This translates to a supply performance of about 26.9 per cent against the estimated requirements of 108.74 million barrels.

“The refinery continues to operate below optimal capacity due to inadequate domestic crude supply, despite clear provisions under the Petroleum Industry Act prioritising local demand,” a senior refinery source told Punch.

Fuel pricing has also reflected the strain on supply chains. Petrol prices rose above N1,300 per litre (approximately $0.87 using an estimated exchange rate of 1,500 naira per US dollar), before easing to around N1,250 per litre (about $0.83).

The Dangote refinery has attributed the price volatility to insufficient domestic crude allocations. In a statement, it said it had been receiving “about five cargoes a month from NNPC, far below the 13 cargoes required,” adding that shipments were priced at international market rates despite being paid partly in naira.

It further stated that reliance on imported crude had increased costs because local upstream producers were not meeting their supply obligations under national regulations.


NNPC response highlights supply constraints and pricing pressures

The Nigerian National Petroleum Company (NNPC) Limited, however, said it was working to bridge supply gaps through international sourcing.

A senior official noted, “We are leveraging our global crude trading network to source third-party crude at competitive international market prices,” adding that the company remained committed to supporting domestic refining.

The official also pointed to historical crude sales commitments as a factor affecting short-term availability, though insisted that alternative sourcing strategies were being pursued.

Separately, Aliko Dangote confirmed that the refinery received 10 cargoes in March, up from an average of 5 cargoes per month since late 2024. However, this still fell short of operational requirements.

Industry groups, including the Crude Oil Refiners Association of Nigeria, have called for increased allocation to domestic refineries, arguing that a stable feedstock supply is essential for profitability and energy security.

As Nigeria balances export earnings with domestic industrialisation goals, the widening gap between crude production, exports, and local refining demand continues to draw scrutiny from stakeholders across the energy value chain.

By Segun Adeyemi, Business Insider Africa

Nigeria’s decades-long fuel dependency ends as Dangote ramps up output

The latest figures on the Dangote Oil Refinery underscore how quickly the facility is transforming Nigeria's energy landscape, with production now significantly surpassing domestic demand.

In March 2026, the refinery exported around 434 million litres of Premium Motor Spirit (petrol), out of a total output of 1.49 billion litres, demonstrating its rising influence beyond Nigeria's borders, per the Punch’s assessment

This development follows within twenty-four hours of reports indicating that the Dangote Refinery has achieved the status of a net exporter of petrol.

According to figures from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), only 1.06 billion litres of total petrol generated during the month was used locally, leaving a significant excess for exports.

The refinery ran at an average capacity utilization of 93.62%, solidifying its position as the dominating player in Nigeria's downstream sector.

The refinery produced an average of 48.2 million litres of petrol per day, of which 34.2 million litres were delivered to the domestic market.

This growing disparity between production and local consumption is rapidly transforming Nigeria into a major supplier of refined petroleum products in Africa and beyond.

The impact of this increase in refining capacity is clearly seen.

Nigeria became a net exporter of gasoline in March 2026 for the first time in decades, marking a watershed moment for a country that had previously relied on imported fuel while being Africa's greatest oil producer.

As mentioned earlier, Nigeria became a net exporter of fuel in March, exporting nearly 44,000 barrels per day (bpd) of gasoline, slightly exceeding imports and leaving a net surplus of approximately 3,000 bpd.

“Data from market intelligence firm Kpler showed that gasoline imports into the country dropped sharply to 41,000 barrels per day (b/d) during the month, the lowest level on record,” the refinery revealed via a statement.

“At the same time, crude supply to the Dangote facility rose to about 565,000 b/d, the second-highest intake since the 650,000 b/d refinery commenced operations in late 2023, indicating strong processing rates and increased product yield,” it added.

Due to inefficient state refineries, Nigeria has historically been heavily dependent on fuel imports.

This system depleted foreign exchange and left the country vulnerable to supply shocks from around the world.

Now, that dynamic is shifting.

By Chinedu Okafor, Business Insider Africa

Nigeria becomes net petrol exporter for first time in decades as Dangote refinery scales up

Nigeria has become a net exporter of petrol for the first time in decades, marking a turning point for a country long defined by its dependence on imported fuel despite being Africa’s largest oil producer.

The shift, recorded in March 2026, was driven by rising output from the Dangote Petroleum Refinery, which is rapidly transforming the country’s downstream oil market.

Data from energy intelligence firm Kpler shows Nigeria exported about 44,000 barrels per day (bpd) of petrol during the month, slightly exceeding imports and leaving a net surplus of roughly 3,000 bpd.

It is a symbolic and economic milestone. For years, Nigeria relied heavily on fuel imports due to underperforming state refineries, a system that drained foreign exchange and exposed the economy to global supply shocks.

That dynamic is now changing.

Crude supply to the 650,000 bpd Dangote refinery rose to about 565,000 bpd in March, one of its highest levels since operations began in late 2023. At the same time, petrol imports fell sharply to around 41,000 bpd, the lowest level ever recorded.

The figures point to a rapid replacement of imports with domestic refining.

Beyond reducing import dependence, the refinery is also expanding Nigeria’s reach into new markets. In March, it shipped a 317,000-barrel cargo of petrol to Mozambique, its first export to East Africa, with another cargo expected in April.

The move signals a broader shift in African fuel trade flows. East African countries, traditionally reliant on suppliers from the Middle East, are increasingly diversifying sources amid persistent global supply disruptions and shipping risks.

For Nigeria, the implications are significant.

Exporting petrol could help boost foreign exchange earnings while reducing demand for dollars previously used for imports, a key factor behind pressure on the naira in recent years. It also strengthens energy security by anchoring supply within the country.

At a global level, Nigeria’s entry into the export market could intensify competition, particularly in Europe where petrol supply is already ample.

The development reflects a deeper structural change: Nigeria is beginning to move from exporting crude and importing refined products to processing more of its oil domestically, a long-standing policy goal that has repeatedly failed in the past.

The Dangote refinery sits at the centre of that transition.

Its scale and rising utilisation are already reshaping expectations for the sector, with analysts pointing to potential gains in industrial activity, trade balance, and fiscal stability if output remains strong.

At the same time, the refinery’s owner, Aliko Dangote, is pursuing plans to list the business across multiple African stock exchanges in what could become the continent’s first pan-African initial public offering.

The proposed listing aims to attract investors across different countries and deepen cross-border capital flows, though analysts say execution will depend on regulatory alignment and currency stability.

For now, the export milestone offers the clearest signal yet that Nigeria’s long-troubled downstream oil sector may be entering a new phase, one defined less by scarcity and imports, and more by domestic capacity and regional influence.

By Ayodeji Adegboyega, Business Insider Africa

Related story: Dangote refinery hikes exports to ease Africa supply crunch

Dangote refinery hikes exports to ease Africa supply crunch

Nigeria's Dangote refinery has increased gasoline and urea exports to African countries hit by supply disruptions caused by the Iran war. Owner Aliko Dangote says the refinery has shipped around 17 cargoes of gasoline to other African nations.

Reuters

Dangote Refinery Boosts Africa Fuel Supply Amid Global Disruptions

Nigeria’s Dangote Refinery is emerging as a key supplier across Africa, ramping up fuel exports just as global energy flows face disruption due to the Iran war. With the plant now running at full capacity, shipments have begun reaching multiple countries, including South Africa, Ivory Coast, Cameroon and Ghana. The move is helping ease regional fuel shortages and highlights Africa’s growing role in stabilising energy supply chains.

WION

Nigeria and Ethiopia listed among countries to benefit from Dangote’s $1 billion plan

Dangote Cement, controlled by Africa’s richest man, Aliko Dangote, currently boasts an estimated production capacity of 55.17 million tons.

With the $1 billion investment, the cement manufacturer, in the span of four years, intends to boost production capacity by 45% to 80 million tons.

This information was disclosed by the company’s Chief Financial Officer (CFO), Gbenga Fapohunda, on Wednesday, during an investor conference call in the country’s commercial hub, Lagos.

He noted that the fund would be channeled in “Nigeria, Ethiopia, and some other countries.”

In February, the company disclosed that it had signed a $1 billion agreement with China’s Sinoma International Engineering to construct new plants and expand existing facilities across Africa.

The landmark deal, signed in Lagos, covers 12 projects across seven African countries and is part of DCP’s plan to raise production capacity to 80 million tonnes per annum by 2030.

This new initiative follows a similar plan established by Dangote to increase exports of cement and clinker to 10 million tons by 2030, in contrast to 1.4 million tons in 2025.

Dangote Cement recently reported an 18.6 per cent rise in cement and clinker exports from Nigeria, dispatching 34 shiploads of clinker to Cameroon and Ghana during the year.

As seen on Bloomberg, the company’s CFO noted that the expansion plan would be financed with operating cash flow, supplier credit, commercial papers, bonds, and bank loans.

This initiative had earlier been spoken about by the company's Group Managing Director, Arvind Pathak, who noted that the cement company would continue to commission new capacity and advance projects across several African markets.

“We are confident in our growth trajectory and our ability to capitalise on Africa’s robust cement demand fundamentals,” Mr Pathak said in an earnings release filed with the Nigerian Exchange.

“We will continue commissioning new capacity, including the transformational 6 metric tonne per annum (Mta) Itori plant, while advancing expansion projects in Ethiopia, Cameroon, South Africa, Zambia, and Senegal.”

A few days back, Dangote Cement reported its highest profit on record.


Dangote Cement's recent milestones

The company disclosed that net profit for 2025 increased to N1 trillion, or almost $730 million at an exchange rate of N1,369.06 to $1, more than doubling the previous year's performance.

Revenue increased by 20.3% to N4.3 trillion, or nearly $3.14 billion, thanks mostly to stronger pricing and solid domestic demand.

The record earnings come despite a minor drop in sales volumes, highlighting the group's pivot toward margin protection, cost efficiency, and export growth as it positions Nigeria as a regional manufacturing hub.

In February 2026, Dangote Cement Plc became the first company to list Commercial Papers (CPs) on Nigerian Exchange Limited (NGX).

The listing follows the opening of a Commercial Paper window by NGX on December 3, 2025, after gaining approval from the Securities and Exchange Commission.

Dangote Cement's Series 1 and Series 2 Commercial Papers were admitted to its N500 billion Commercial Paper Issuance Programme.

The 181-day Series 1 CP for N19.95 billion will mature on May 20, 2026. The N99.92 billion Series 2 CP has a tenor of 265 days and will mature on August 12, 2026.

Both instruments were issued at a discount and will be repaid at their par value of N1,000 upon maturity. Series 1 and Series 2 provided indicated yields of 17.50% and 19%, respectively.

In October last year, the cement company commissioned a $160 million plant in Attingué, about 30 kilometres north of Abidjan, Côte d’Ivoire’s commercial hub.

The 50-hectare facility can produce three million metric tonnes per year, making it one of the company's largest sites outside Nigeria.

By Chinedu Okafor, Business Insider Africa

Dangote Cement posts record profit of over $700m, targets expansion in South Africa, Ethiopia, and other markets

Nigeria’s Dangote Cement, Africa’s largest cement maker, delivered a historic financial performance in 2025 with profit after tax more than doubling to approximately ₦1.01 trillion naira, or about $743 million at prevailing exchange rates.

This result, released in its audited financials for the year ended 31 December 2025, marks the first time the company has crossed the trillion naira profit milestone, underscoring strong operational performance amid ongoing capacity expansions.

Group revenue climbed more than 20 per cent to ₦4.31 trillion (roughly $3.17 billion), driven by resilient demand across key markets and proactive cost management. Earnings before interest, tax, depreciation, and amortisation expanded by more than 40 per cent to ₦1.98 trillion, about $1.45 billion, lifting the company’s EBITDA margin to 46 per cent.

In its home market of Nigeria, EBITDA jumped over 60 per cent to about 1.76 trillion naira, or $1.29 billion, with a margin close to 60 per cent.

The board has proposed a 50 per cent increase in the dividend to ₦45 per share, a move that reflects both confidence in the company’s cash generation and returns to investors. Dangote Cement’s performance comes even as total production volumes edged down marginally to 27.5 million tonnes.

Export volumes, however, rose significantly with Nigerian cement and clinker shipments up nearly 19 per cent to 1.4 million tonnes, including 34 sea shipments to destinations such as Ghana and Cameroon.

Chief Executive Officer Arvind Pathak described 2025 as a “landmark year” for the business, highlighting the strength of the company’s strategic model in the face of modest volume declines.

“Profit after tax crossed the ₦1tn milestone for the first time in our history, more than doubling 2024 performance,” he said, noting that disciplined margin focus and operational efficiency were key drivers.

Pathak also pointed to strategic infrastructure projects that are beginning to pay off. In the third quarter of 2025, Dangote Cement commissioned a three‑million‑tonne‑per‑annum grinding plant in the Ivory Coast, which is part of a broader network that expands the group’s annual capacity to 55 million tonnes.

This facility will boost production capabilities in West Africa and position the group to better meet regional demand through an integrated supply chain.

The company’s export terminals at Apapa and Onne in Nigeria have emerged as strategic assets, underpinning its ambition to reach a combined export target of 10 million tonnes by 2030.

Pathak said progress on logistics efficiency, particularly the adoption of compressed natural gas technology in the company’s transport fleet, is enhancing cost leadership.

The addition of more than 3,000 CNG trucks has reduced fuel costs by more than 60 per cent compared with diesel, embedding structural advantages into the cost base and supporting margin expansion.
Dangote Cement Targets More African Markets

Looking ahead, Dangote Cement plans further capacity roll‑outs and geographical expansion. The company is advancing the 6 million tonnes per annum Itori plant while progressing projects in Ethiopia, Cameroon, South Africa, Zambia, and Senegal.

Pathak described a confident growth trajectory, buoyed by stable macroeconomic conditions, structural reforms, and the operational benefits of the African Continental Free Trade Area.

He said the focus on excellence, margin improvement, and export scaling will sustain performance and value creation for stakeholders.

This strong set of results comes at a time when Nigeria’s broader economic indicators show signs of stabilisation, including easing inflation and relatively steady foreign exchange markets, themes that executives say support the cement maker’s long‑term growth outlook.

By Segun Adeyemi, Business Insider Africa

Nigerians are 5 months away from owning a piece of Dangote's fortune

 

Aliko Dangote, President of the Dangote Group and Africa’s richest man, has announced that Nigerians, in the next four to five months, will have the opportunity to invest directly in the Dangote Refinery.

Dangote made the announcement on Saturday while giving members of the press a tour of the refinery.

Bayo Ojulari, Group Chief Senior Officer of Nigerian National Petroleum Company Limited (NNPC), was among those who paid the visit, as were members of the NNPC board and senior management team.

Dangote said arrangements are already in place to allow individuals to buy shares in the refinery over the next four to five months.

“Individually, Nigerians too will have an opportunity… in the next maximum four or five months, they will actually be able to buy their shares,” Dangote said.

He mentioned that the NNPC already owns shares in the company for Nigerians, as seen in the Punch.

“They are holding 7.25 per cent of the shares that we have here… and they are holding that on behalf of Nigerians,” Africa’s richest man stated.

“People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn dollars,” he added.

This initiative builds on Dangote's proposal to list the refinery on the stock market, which he announced in July 2025, after being accused of favoring foreign investors over local financiers.

Dangote’s real reason for listing his refinery

In a follow-up conversation with the press in December, Dangote commented on the reasons for opening the refinery to public investors.

He emphasized that the listing was not mainly about maintaining control, but rather about leaving an enduring legacy.

“At the moment, our main interest is to list on the exchange, so that every living Nigerian can own part of the refinery,” he said at the time.

“Somebody asked me a question, is it 5 or 10 percent you want to sell, and I said that when we are going to sell the shares, we will not put a cap, if they happen to buy 55% and I own 45%, so be it,” he added.

When asked explicitly if the offer extended beyond Nigerians living in the country, Dangote simply said, "Yes."

The Dangote Refinery, valued at over $20 billion, represents a significant milestone in Nigeria’s energy sector.

Once fully operational, it has the potential to produce around 1.4 million barrels of oil per day, which would make it one of the largest refineries in the world.

By Chinedu Okafor, Business Insider Africa

Related story: Dangote cement makes history as first to list commercial papers on Nigerian exchange NGX

Dangote cement makes history as first to list commercial papers on Nigerian exchange NGX

 

Dangote Cement Plc has become the first company to list Commercial Papers (CPs) on Nigerian Exchange Limited (NGX), marking a structural shift in Nigeria’s short-term debt market.

The listing follows NGX’s introduction of a Commercial Paper window on December 3, 2025, after receiving approval from the Securities and Exchange Commission (SEC), expanding the Exchange’s product suite and deepening Nigeria’s domestic debt capital market.

Details of the Issuance

According to BusinessDay, Dangote Cement’s Series 1 and Series 2 Commercial Papers were admitted under its N500 billion Commercial Paper Issuance Programme.

The N19.95 billion Series 1 CP has a tenor of 181 days and will mature on May 20, 2026. The N99.92 billion Series 2 CP carries a tenor of 265 days and is scheduled to mature on August 12, 2026.

Both instruments were issued at a discount and will be redeemed at par value of N1,000 upon maturity. Series 1 and Series 2 offered implied yields of 17.50 percent and 19 percent, respectively.

David Adonri, Vice Chairman of Highcap Securities Limited, described the development as a milestone for the domestic debt market. “Dangote Cement’s Commercial Paper listing on NGX signals growing sophistication in Nigeria’s short-term debt market. The attractive yields of these instruments highlight strong investor appetite for high-quality, short-tenor corporate debt, and provide a benchmark for future issuances,” he said.

NGX’s Strategic Expansion

Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group, said the launch aligns with the Exchange’s broader strategy to strengthen capital formation.

“The introduction of Commercial Paper listings is a pivotal step in our strategy to position NGX as a comprehensive capital-markets infrastructure that accelerates capital formation across Africa,” Popoola said.

“As we continue strengthening the foundations of a transparent, technology-driven and inclusive marketplace, our focus remains on building a system that supports sustainable growth, enhances market resilience and unlocks new opportunities for the broader economy.”

Commercial Papers are unsecured short-term debt instruments used by corporates to finance working capital and immediate funding needs. Historically, Nigeria’s CP market has operated largely over-the-counter, limiting transparency and secondary market liquidity.

By admitting CPs to trading, NGX introduces greater visibility, structured price discovery and improved tradability for short-term instruments.

How Nigeria Compares Across Africa

While Commercial Paper markets are established in several African economies, Nigeria’s move formalises a segment that had largely operated outside exchange visibility.

South Africa operates one of the continent’s most mature CP markets, with active issuance among banks and corporates.

Kenya also maintains a robust short-term debt market under the Capital Markets Authority, with regular CP issuances by financial institutions and major corporates.

Morocco and Egypt similarly support structured corporate short-term instruments.

Within West Africa, short-term corporate instruments are available through the BRVM regional exchange, covering markets such as Ivory Coast and Senegal, though with comparatively lower liquidity.

Nigeria’s development narrows the structural gap between its market and those of more advanced African economies.

Implications for Issuers and Investors

The listing comes amid elevated interest rates and tighter credit conditions, prompting corporates to seek flexible funding options.

Short-tenor instruments such as CPs offer quicker access to liquidity, while investors benefit from competitive yields relative to traditional fixed-income products.

Dangote Cement’s transaction reinforces NGX’s ambition to position itself as a full-spectrum capital-raising platform, supporting funding across equities, bonds and short-term instruments.

By Olamilekan Okebiorun, Business Insider Africa

Related story: Aliko Dangote calls for emergency power summit as blackouts threaten Nigeria’s $500bn economy

Aliko Dangote calls for emergency power summit as blackouts threaten Nigeria’s $500bn economy

 

Speaking at the national launch of the National Industrial Policy 2025 in Abuja, Dangote called for an urgent one or two-day national retreat dedicated solely to resolving the country’s long-running power crisis.

The event, themed “From Policy to Productivity: Implementing Nigeria’s Industrial Future”, brought together senior government officials, development partners, and business leaders. President Bola Tinubu was represented by Vice President Kashim Shettima.

“One of the things that I want to advise Your Excellency… is to call a national forum where we will resolve the issues of power,” Dangote said.

“Because without power, there is no way in any country you can create growth or create jobs. So, power means growth. No power, no growth.”

His remarks come at a delicate moment for Africa’s largest economy, valued at roughly $500 billion based on current World Bank estimates. Nigeria is seeking to reposition itself as a manufacturing hub under its new industrial policy, yet erratic electricity supply continues to undermine productivity and investor confidence.

A recent five-day electricity supply disruption across parts of the country underscored the urgency of Dangote’s intervention. Between 12 and 15 February 2026, several power plants experienced gas constraints after maintenance work by Seplat Energy temporarily reduced supply, leading to nationwide generation shortfalls and load shedding.

Manufacturers say such episodes are not isolated incidents but part of a persistent structural problem. Many factories now rely heavily on diesel generators to remain operational, sharply raising production costs. Dangote, whose conglomerate spans cement, fertiliser, and oil refining, acknowledged the irony.

“I would have loved to sell more diesel, but that is not the right way. The right way is to make sure there is power,” he said, noting that some businesses spend more on generating electricity than on producing goods.

Beyond electricity, Dangote argued that Nigeria must also strengthen protection for domestic industries if it hopes to industrialise at scale. While he praised the government’s policy incentives as “very good”, he insisted that incentives alone are not enough.

“If you give us zero-interest loans, free land and power, if there is no protection, there is no way any industry will thrive here. Importation of anything is importation of poverty and exportation of jobs,” he said.

His comments reflect broader concerns within Nigeria’s organised private sector about the impact of heavy import dependence, high interest rates, and infrastructure deficits. Stakeholders warn that cheap imports and dumping, combined with local structural constraints, are squeezing domestic manufacturers and contributing to inflationary pressures.

Dangote also highlighted the scale of private sector influence in Nigeria’s economy. According to him, the private sector accounts for nearly 90 per cent of gross domestic product, compared with about 10 per cent for government activity.

“Nigeria is the only country in Africa where the private sector is bigger than the government,” he said, urging closer collaboration between policymakers and business leaders.

At the same time, he stressed that businesses must fulfil their obligations. “When we do our business, we must pay our taxes. It is a joint venture. The government is the major shareholder in every business,” he said, noting that tax revenues from large industrial operations ultimately strengthen public finances.

Dangote expressed cautious optimism about recent economic reforms, pointing to improved currency stability and renewed investor interest. He suggested that reducing import dependence and expanding local manufacturing would further strengthen the naira and generate employment.

Experts say the success of the National Industrial Policy 2025 hinges on resolving the electricity bottleneck. Without reliable power, ambitions to boost exports, reduce imports, and position Nigeria as a manufacturing gateway to African markets may remain out of reach.

For Dangote, the message was clear and urgent: fix the power sector first. Only then can policy translate into productivity, and ambition into sustainable growth.

By Segun Adeyemi, Business Insider Africa

Related story: Nigeria turns to China for a new $2 billion loan to rebuild ailing power grid

Video - Dangote refinery aiming for a dual listing on the London and Lagos bourses

Aliko Dangote plans to list his Lagos-area refinery on the Nigerian Exchange next year. He says the initial public offering would allow investors to purchase stakes in naira but receive returns in hard currency, a rare hedge for both local and foreign investors.

CGTN Africa

Dangote says that he wants every Nigerian to make money off him

 

In an interview with the press, Dangote gave an impassioned breakdown of the motives behind listing the $20 billion oil.

He noted that he intends to make every Nigerian a direct owner of the multi-billion-dollar facility.

According to Dangote, the listing is less about control and more about legacy, ensuring that ordinary Nigerians benefit from the refinery’s long-term success.

What Dangote said

“At the moment, our main interest is to list on the exchange, so that every living Nigerian can own part of the refinery,” he stated.

“Somebody asked me a question, is it 5 or 10 percent you want to sell, and I said that when we are going to sell the shares, we will not put a cap, if they happen to buy 55% and I own 45%, so be it,” he added.

When asked explicitly if the offer extended beyond Nigerians living in the country, Dangote simply said, "Yes."

Dangote described the refinery as a legacy project, emphasizing that widespread ownership will give Nigerians a direct stake in its success.

“The thing is about legacy, I want Nigerians to own this, and I want every single Nigerian, when the refinery does well, for them to always be able to rely on the profit of that refinery,” he said.

“The main point is for us to sell to every living Nigerian who has something, even if it's ten shares you buy or 20,” he continued.

Dangote provided another crucial assurance to potential investors by revealing that dividends will be paid in US dollars.

To him, this ensures that Nigerians in the diaspora also get a piece of the pie.

“We are going to make sure that we pay the dividend in dollars, because a major chunk of ourselves is in dollars.”

Dangote’s original plan to list the refinery

In July, Nigeria’s top billionaire announced during the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja, which was co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Insights, that he intends to sell shares of his 650,000 barrels per day refinery.

According to the billionaire businessman, plans are already underway to list the refinery on the stock exchange, allowing Nigerians, both people and institutions, to participate in and profit from the facility's potential long-term growth.

“Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders. We are open to partnerships with African governments, private investors, and regional institutions. Our vision is simple but ambitious,” Dangote said at the time.

“Africa should refine all the petroleum products it consumes right here on the soil of Africa.”

By Chinedu Okafor, Business Insider Africa

Nigeria’s richest man Dangote escalates oil fight with regulator, seeks corruption probe

Nigeria’s richest man Aliko Dangote escalated his fight with regulators on Sunday, accusing them of enabling cheap fuel imports that threaten local refineries.

Nigeria is Africa’s biggest oil producer but relies heavily on imports and Dangote’s refinery was meant to change that.

Dangote said if imports continue unchecked, they will threaten jobs, investment and energy security.
Speaking at his 650,000-barrel-per-day oil refinery in Lagos, Dangote said imports were being used “to checkmate domestic potential”, creating jobs abroad while Nigeria struggles to industrialise.
“You don’t use imports to checkmate domestic potential,” he told reporters.

Dangote called for an official inquiry into Farouk Ahmed, head of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, citing concerns over his management of the sector and allegations of private expenditures exceeding legitimate earnings.

Ahmed did not immediately respond to a request for comment, but he has previously said Dangote refinery wants a monopoly on petroleum products sales, but the refinery's output can not meet local demand.

Last month, the regulator urged the president to drop plans to ban imports of refined petroleum products because local output cannot meet the national demand of 55 million litres daily.

Dangote disputes this, saying the regulator was distorting the refinery's actual capacity by reporting offtake statistics instead of the true production data.

The refinery, designed to end Nigeria’s reliance on imported fuel and save billions in foreign exchange, says it has been unable to secure all the required crude it needs because the regulator has failed to implement a rule that guarantees crude supply to local refiners before exports.

Dangote said the refinery imports 100 million barrels of crude oil annually — a figure expected to double after expansion of the refinery and limited domestic supply.

Despite these hurdles, Dangote vowed to continue with expansion plans for the facility and safeguard his investment, which he said is "too big to fail".

He also reiterated plans to list the company on the local stock market and pay dividends in U.S. dollars so “every Nigerian can own a piece of the economy.”

Nigeria, Africa’s top oil producer, has long depended on imports due to mothballed state refineries.

By Isaac Anyaogu, Reuters

Dangote announces $700m education fund for Nigerians

Aliko Dangote, chairman of the Dangote Group, says his foundation will invest $700 million in the education of Nigerians over the next ten years.

Speaking on Sunday at the 2025 Doha Forum in Doha, Qatar, the business magnate committed to supporting over 155,000 Nigerians who will be drawn across secondary schools and universities in the country.

Dangote, during a panel session that featured Bill Dates and Sheikha Al Mayassa, discussed how innovation, philanthropy, and cultural investment are reshaping opportunity across Africa and beyond.

He said the investment is poised to reduce the number of children who are out of school in Nigeria and provide more man-power with the technical capacity to advance the economy of Nigeria.

“In Africa, we have a population of about 1.4 billion people, so partnership is important,” he said.

“Partnership also matters, that is why we partnered with the Bill and Melinda Gates Foundation to eradicate polio in Nigeria.

“We have a lot of children that are out of school so what we are going to launch next week is a $700 million fund to fund education.

“We will run it for ten years then we review.

“We are doing that because we have a lot of challenges in Africa, one of which is training.”

Dangote noted that the Dangote Petrochemical has trained more than 50,000 Nigerians to ensure the smooth operation of the 160,000-barrel-per-day refinery.

He said the skilled workforce will be redeployed as part of the refinery’s ongoing expansion, while his investment in education will increase talents for industries in Nigeria.

By Daniel Nnamani, The Cable

Video - Nigeria’s Dangote Refinery announces output boost

The Dangote Refinery says it reached a deal with Honeywell to increase daily oil production capacity to 1.4 million barrels per day within the next three years. Officials say the move will ease fuel shortages, reduce foreign exchange losses and strengthen Nigeria's energy security.

CGTN Africa

Nigerian billionaire Aliko Dangote eyes US $1billion industrial expansion in Zimbabwe

Nigerian billionaire and Africa’s richest man Aliko Dangote is gearing up for a significant investment drive in Zimbabwe as plans advance for a colossal cement, coal mining and power generation complex worth about US$1 billion.

The visit, expected soon, signals a renewed commitment from the Dangote Group, which previously explored Zimbabwe opportunities in 2015 and 2018.

According to organisers familiar with the itinerary, momentum is building for the project, which they believe will bolster Zimbabwe’s standing as a destination for high-value foreign direct investment while creating jobs and driving industrial growth.

Initial engagement between Dangote’s representatives and Zimbabwean officials reportedly took place during the Afreximbank Annual Meetings in Abuja in June.

Paul Tungwarara, President Emmerson Mnangagwa’s investment adviser, confirmed that preparations are underway for a high-level meeting between the president and the Nigerian tycoon as per The Zimbabwean.

“The richest man in Africa is coming to Zimbabwe at the invitation of President Mnangagwa,” Tungwarara told journalists. “The two have been in constant communication and we are presently working on the logistical aspects of the visit."

“We are keen to ensure that he makes a significant investment in Zimbabwe and avoid what happened during his previous visit in 2015, when he came but did not return.”

Upon arrival, Dangote is expected to meet President Mnangagwa and senior government officials to discuss key terms, including mining concessions, tax incentives, investment security, and regulatory approvals.

Dangote’s influence across Africa’s energy and industrial future

The Dangote Group operates in 17 African countries across cement, fertiliser, refinery and logistics infrastructure, positioning it as one of the continent’s most transformative corporate forces.

Its landmark US$20 billion refinery in Nigeria aims to drastically reduce Africa’s dependence on imported fuels. Cement production in several countries has already disrupted former import heavy markets while its fertiliser operations are enhancing food security and reducing reliance on overseas supply chains.

In countries including Ethiopia, Senegal, Zambia, Côte d’Ivoire and Tanzania, the Group’s investments have reshaped construction material pricing and availability. Expansion into petrochemicals and refined petroleum supply is giving African airlines and industries the prospect of more reliable and competitive energy input.

The move toward Zimbabwe aligns with that long term African industrialisation strategy. Sources say Dangote is considering a vertically integrated complex consisting of a cement factory, limestone quarry and grinding plant supported by a coal mine and a power station. This structure would reduce operational costs, guarantee energy supply and strengthen raw material efficiency.

A delegation from Bard Santner Markets Inc, led by Chief Executive Officer Senziwani Sikhosana, recently visited Dangote’s operations abroad to study the potential scale and adaptability of such an undertaking on Zimbabwean soil.

If talks succeed, the planned project would become one of Zimbabwe’s largest privately led industrial investments in more than a decade. It could reposition the country as a regional supplier of construction materials and energy, helping accelerate its manufacturing revival ambitions.

By Solomon Ekanem, Business Insider Africa

Related story: Nigeria refinery aims to be world's biggest with expansion