A major controversy is brewing in Nigeria’s oil industry as Africa’s richest man, Alhaji Aliko Dangote, has urged President Bola Tinubu to ban the importation of refined petroleum products under the Federal Government’s ‘Nigeria First’ policy. This bold request has triggered immediate backlash from oil marketers and industry stakeholders who rejected the proposal over the weekend.
The ‘Nigeria First’ directive, announced in May 2025, prohibits government agencies from procuring foreign goods and services that can be sourced locally. The policy aims to boost local production and reduce reliance on imports by demanding strict justification and a Bureau of Public Procurement waiver for foreign procurements.
Speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets, co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority and S&P Global Insights, Dangote called on Tinubu to extend the policy to include petrol, diesel, and other refined petroleum products.
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According to Dangote, continuous fuel importation threatens the survival of domestic refineries, discourages investment, and leads to the dumping of toxic, substandard fuel into Nigeria’s market. “We are now facing increased dumping of cheap, often toxic petroleum products, some of which are blended to substandard levels that would never be allowed in Europe or North America,” he warned.
He further alleged that some of the products imported into Nigeria are either directly subsidized or made with discounted Russian crude, which undercuts the pricing for locally produced fuels. “In Nigeria, due to this unfair competition, fuel is sold for as low as 60 cents—cheaper than even Saudi Arabia,” Dangote stated.
He dismissed monopoly concerns, stressing that the goal is to support local investment. “Too many people with the means to help Nigeria choose to invest abroad while criticising local players,” he added.
To support his claims, Dangote revealed that his $20 billion refinery had exported over 1 million tonnes—or 1.35 billion litres—of petrol between June and July 2025, making Nigeria a net exporter of refined petroleum products. Punchng
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