Economy on the Street: Nigerians React to Dangote’s Call for Fuel Import Ban
Africa’s richest man, Aliko Dangote, has stirred national debate with a bold call for the Nigerian government to ban the importation of petrol, diesel, and other refined petroleum products.
Speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets, Dangote insisted that continued fuel imports undermine Nigeria’s economy, weaken local refining efforts, and drain the country’s foreign reserves.
The call comes as production ramps up at the $20 billion Dangote Refinery, the largest refinery on the continent. With a processing capacity of 650,000 barrels of crude oil per day, the plant is positioned to meet Nigeria’s domestic fuel demand and export excess.
“Nigeria spends almost $90 billion annually importing refined products,” Dangote said. “That’s money leaking from our economy. Why import what we can produce ourselves?”
The appeal has triggered mixed reactions across the energy sector. Some stakeholders, like Chief Dr. Kolawole Adewoyi, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), back the proposal, calling it timely and strategic.
However, independent oil marketers have raised red flags, warning that a fuel import ban could stifle market competition and create a monopoly. “We’re concerned about pricing and access,” one marketer said. “Can one refinery serve the entire country fairly?”
Economic analysts also urge caution, noting that while local refining is critical, current infrastructure may not yet support full domestic supply. Delays in distribution logistics and policy uncertainty could complicate implementation.
A street poll conducted by Economic Confidential reveals that many Nigerians support the idea, at least in principle.
“Anything that makes us depend on ourselves is a welcome development,” said Ibrahim Bello, a taxi driver in Abuja. “If local refining brings fuel prices down, I’m all for it.”
Grace Onyeka, a market trader in Abuja, said, “Fuel prices affect everything—transport, food, business. Let’s produce our own and stop suffering.”
Others remain skeptical. “We’ve seen promises come and go,” said Musa Abdullahi, a civil servant. “Let them prove the refinery works before banning imports.”
Dangote’s push comes at a critical moment for Nigeria’s economy. Despite producing over 1.7 million barrels of crude daily, the country relies heavily on imported refined fuel, a paradox that has strained foreign reserves and exposed Nigerians to global price volatility.
Experts say a well-managed shift to local refining could save up to $10 billion annually, stabilize the naira, reduce inflation, and create jobs. However, it would require massive investment in pipelines, depots, and regulatory reform, plus the political will to enforce fair market practices.
Dangote’s call is more than a business move, it’s a national wake-up call. Whether it leads to energy independence or market disruption will depend on how government, private players, and citizens respond. For now, the debate is alive not only in boardrooms but on the streets, where the economy truly lives.