Business
Dangote Refinery, Game Changer Capable of Driving Africa’s Refining Revolution, Says FG
The Federal Government has described the 650,000 barrels-per-day Dangote Petroleum Refinery as a game changer that is capable of driving refining revolution in Africa.
Nigeria’s Minister of Information and Culture, Alhaji Lai Mohammed, who made this declaration during a media tour of the $19 billion Dangote Petroleum Refinery and Petrochemicals Plant at Ibeju-Lekki, Lagos, said the project would be a game changer once it comes on stream.
The Minister, who also went on tour of the $2.5 billion Dangote Fertiliser Plant, listed the benefits of the Refinery to include huge value addition that will contribute to increase in Nigeria’s Gross Domestic Product (GDP); conservation of foreign exchange as importation of petroleum products would be eradicated; generation of forex through export of finished product; availability of petroleum products thus ending petrol queues, and attraction of foreign capital investment.
He stated, “After visiting the facilities, one can conveniently say that Dangote is leading Nigeria’s industrial revolution. The coming into being of such huge industrial complex as the Dangote Fertiliser Company and the Refinery were made possible by the enabling environment provided by the administration of President Muhammadu Buhari.
“Today, businesses are springing up in all sectors, thanks to a conducive business environment. Under this Administration, the Presidential Enabling Business Environment Council (PEBEC) has implemented over 150 reforms, moving Nigeria up 39 places on the World Bank Doing Business index since 2016. Mr. President also signed the Companies and Allied Matters Act, 2020 (CAMA 2020) – Nigeria’s most significant business legislation in three decades.
“The result of this favourable business environment is the birth of new businesses such as the $2.5 billion Dangote Fertiliser Plant that will produce 3 million metric tonnes of Urea every year; the 650,000 barrels-per-day oil refinery due to open later this year; Lekki Deep Sea Port, one of the most modern sea ports in West Africa; the 5,000 barrels-per-day Modular Refinery in Ibigwe, Imo State, and three more modular refineries to be commissioned before May 2023 in Edo and Bayelsa states just to mention a few.”
Speaking on the benefits of Dangote Fertiliser to the economy, Lai Mohammed said prior to the inauguration of the present administration, Nigeria had a fertiliser shortfall of about 3.5 million tonnes per annum.
According to him, with the coming on stream of the Dangote Fertiliser Plant, Nigeria is now self-sufficient in the production of urea. “In fact, Nigeria is now the leading producer of Urea in Africa. The Dangote Fertiliser plant is already exporting to the US, India, Brazil, Mexico and Argentina. We were fortunate to witness a ship being loaded with urea for export to Argentina,” he added.
Mohammed said the conducive business environment created by the government and its support had enabled the coming on stream of the $2.5 billion Dangote Fertiliser Plant which was inaugurated recently by the president. He said the 650,000 barrels-per-day refinery was due for opening later this year, adding that both projects would guarantee food and energy security for Nigerians.
On his part, Group Executive Director, Strategy, Capital Projects and Portfolio Development, Dangote Industries Ltd., Mr. Devakumar Edwin, thanked the government for the support towards the completion of the projects.
Edwin said the refinery was the world’s largest single train petroleum refinery and was designed to maximise production of Premium Motor Spirit (PMS) with a capacity of about 53 per cent compared to 20 per cent by other refineries. He said: The petroleum refinery can meet 100 per cent of the requirements of Nigeria, of all the liquid products – Gasoline (PMS), Diesel (AGO), Kerosene (DPK) and Aviation Jet Fuel (Jet A-1).
“While 60 per cent of the production of this petroleum refinery can meet the entire requirement of Nigeria, the rest 40 per cent will go for export, generating huge amount of foreign exchange”, he added.
Justifying the government’s decision to acquire a 20 per cent stake in the refinery, Edwin noted that the project was of strategic national importance and a win-win for the nation and the Dangote Group.
United Bank for Africa (UBA) has been named the strongest Nigerian brand in the 2025 Brand Finance Banking 500 report, making a remarkable leap from its 9th position in 2024.
With a brand strength score of 92.4 out of 100 and a coveted AAA+ rating, UBA now leads the pack among Nigerian brands, reaffirming its status as a trusted and innovative banking institution.
Brand Finance, a globally recognized independent brand valuation consultancy, highlighted UBA’s outstanding performance across key brand metrics, including familiarity, preference, and consideration within its home market. This performance contributed to UBA’s climb in the rankings, not only as Nigeria’s strongest brand but also as the 13th strongest banking brand globally among 500 evaluated.
“This year’s ranking is no coincidence; it is the result of deliberate planning, strategic investments, and an unwavering focus on customer satisfaction,” said Alero Ladipo, Group Head, Marketing and Corporate Communications at UBA. “We remain committed to adapting to the evolving landscape while consistently delivering exceptional value.”
UBA’s performance was bolstered by its strong customer loyalty and trust. It scored particularly high in price acceptance, outperforming other leading African banks such as Capitec (South Africa) and Equity Bank (Kenya). These scores reflect UBA’s consistent value delivery and competitive pricing, earning it a solid reputation across its operating regions.
The bank’s rise is also attributed to its sustained investment in digital banking, innovation, and customer-centric technologies. Over the past year, UBA has prioritized digital transformation to enhance user experience and deepen customer engagement—an approach that aligns with current trends in Africa’s rapidly evolving financial services landscape.
Operating in 20 African countries and with offices in the United Kingdom, the United States, France, and the United Arab Emirates, UBA serves more than 45 million customers worldwide. With a workforce of 25,000, it remains one of the largest employers in the African financial sector.
UBA’s strong performance in the Brand Finance report underscores a broader strategy focused on brand equity, innovation, and customer satisfaction, positioning it as a leader in shaping the future of banking in Africa and beyond.
Access Bank PLC has once again emerged as Nigeria’s most valuable brand, securing the top position for the fourth consecutive year in the latest “Nigeria 25 2025” ranking by Brand Finance, the world’s leading brand valuation consultancy. This achievement reaffirms Access Bank’s sustained brand leadership and its impact on the financial landscape through innovation, customer-centricity, and strategic growth.
The 2025 report shows that banks now account for 59% of the total brand value in the ranking, reflecting the strength and influence of the sector in shaping Nigeria’s economic future.
The Nigeria 25 2025 ranking also highlights considerable shifts in the country’s strongest brands, with banking brands rising through the ranks to dominate the top 10.
This demonstrates a growing recognition of the sector’s resilience and adaptability, particularly as financial services play an increasingly crucial role in driving Nigeria’s economy forward.
Babatunde Odumeru, Managing Director, Brand Finance Nigeria, noted that, “Nigerian banking brands continue to grow, successfully navigating a challenging economic landscape with strategic agility while also maintaining customer loyalty.”
Commenting on the ranking, Roosevelt Ogbonna, Managing Director/CEO of Access Bank, said: “This recognition as Nigeria’s most valuable brand for the fourth year running is a testament to the strength of our people, our customers’ trust, and the strategic clarity that drives everything we do. At Access Bank, we remain committed to delivering value through innovation, financial inclusion, and impactful partnerships across Africa and beyond.”
Also speaking on the milestone, Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings PLC, stated: “Access Bank’s brand leadership reflects the Group’s long-term vision of becoming the world’s most respected African financial institution. As we continue to evolve and expand our footprint, we are focused on delivering sustainable growth, deepening stakeholder trust, and enhancing the customer experience across all our markets.”
Access Bank’s performance in the ranking showcases the results of sustained brand investment, operational excellence, and strategic expansion across Africa, with a growing presence in key global markets.
The dominance of banks in the “Nigeria 25 2025” list further reinforces investor and consumer confidence in the sector’s long-term stability, innovation capacity, and economic significance.
Dangote Petroleum Refinery & Petrochemicals has announced another reduction of N15 in the price of its high-quality Premium Motor Spirit (PMS).
As a result of this reduction, Nigerians will now purchase the product at the following prices: N875 per litre in Lagos; N885 per litre in the South West; N895 per litre in the North West and North Central, while it will be sold for N905 per litre in the South East, South South, and North East.
These prices will apply through all its partners, including MRS, AP (Ardova), Heyden, Optima Energy, Techno Oil, and Hyde.
The refinery called on other marketers to join its expanding network of partners, thereby demonstrating their support for President Bola Tinubu’s Nigeria First policy, which advocates for the prioritisation of locally-produced goods and services.
Since the commencement of operations, Dangote Petroleum Refinery has consistently implemented cost-reduction strategies aimed at delivering tangible savings to Nigerians.
In February 2025, the company carried out two price reductions on petrol, resulting in a total decrease of N125 per litre.
This was followed by a further reduction of approximately N45 per litre in April.Additionally, the prices of other key products, such as diesel and Liquefied Petroleum Gas (LPG), have been significantly lowered, improving affordability across transportation, industrial, and domestic energy sectors.
Dangote Petroleum Refinery recently reassured Nigerians of price stability despite fluctuations in global crude oil prices, reaffirming its commitment to supporting Nigeria’s economy.
“By refining petroleum products domestically at the world’s largest single-train refinery, we are proud to make a substantial contribution to Nigeria’s energy security, foreign exchange savings, and overall economic resilience—aligning with President Bola Tinubu’s Renewed Hope Agenda, which focuses on addressing the nation’s economic challenges and improving the well-being of Nigerians.
“We are immensely grateful to His Excellency, President Bola Tinubu, for making this possible through the commendable Naira-for-Crude Initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians,” it stated.Dangote Petroleum Refinery further assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.Recall that only last Tuesdsy, the founder of Dangote Refinery, Aliko Dangote, was named in the inaugural 2025 TIME100 Philanthropy list.The list recognises the 100 most influential leaders shaping the future of philanthropy worldwide.The list, published by TIME Magazine, includes Aliko Dangote, whose Foundation spends an average of $35 million annually on programmes across Africa, alongside other global figures in charitable work, such as Michael Bloomberg, Oprah Winfrey, Warren Buffett, and Melinda Gates, all of whom were recognised as Titans.
