Business mogul Aliko Dangote has urged President Bola Tinubu to ban the importation of refined petroleum products under the Federal Government’s ‘Nigeria First’ policy, igniting resistance from industry players who warn of a looming fuel monopoly.
Dangote made the appeal during the Global Commodity Insights Conference on West African Refined Fuel Markets, stating that cheap, often toxic fuel imports were undermining local refining efforts and deterring investors. He called on the government to emulate the US and EU in protecting domestic producers from unfair competition.
“The Nigeria First policy should apply to petroleum products,” Dangote said. “Dumping of subsidised and substandard fuel is killing local refining.”
He disclosed that his $20bn refinery had already exported over 1.35 billion litres of petrol within 50 days, positioning Nigeria as a net exporter of refined products.
But oil marketers have rejected the proposal. Chinedu Ukadike of IPMAN warned that banning imports could lead to price hikes and market monopoly. “We support local refining but must also retain the option to import,” he said.
Billy Gillis-Harry of PETROAN and Professor Dayo Ayoade of the University of Lagos also opposed the idea, citing risks to energy security and market fairness. They stressed that a ban could violate international trade principles and stifle competition.
Despite criticism, Dangote defended his position, insisting the move was not about dominance but about protecting local investments. He urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority to revoke refinery licenses from inactive operators and encourage more functional refineries.
Dangote recently stepped down from Dangote Cement’s board to focus fully on the refinery, which is expected to hit 700,000 barrels per day capacity by December.
