Nigeria awash in dollars as Dangote exports 1.350bn litres of petrol

Aliko Dangote

The President of Dangote Group, Alhaji Aliko Dangote, has revealed that his petroleum refinery in Lagos exported one million tonnes of Premium Motor Spirit (petrol) to other countries of the world between June and July this year.

Dangote made this known on Tuesday at the ongoing Global Commodity Insights Conference on West African Refined Fuel Markets hosted by NMDPRA in partnership with S&P Global Insights.

According to him, between June and July 2025, the refinery exported up to 1 million tonnes of petrol.

“Today, Nigeria has actually become a net exporter of refined products. Before I came on the podium, I asked my people how many tonnes of PMS we have actually exported. From June beginning to date, we have exported about 1 million tonnes of PMS, within the last 50 days”, Dangote said.

In the cement industry, he said the Dangote Group is targeting an export of $500million worth of cement and clinker by the year 2027, saying the same is happening in petroleum refining.

Dangote’s comment is coming amid claims that the refinery could not meet local petrol demands. While Dangote Refinery exports PMS, other marketers still import the product into Nigeria.

A breakdown of the 1 million tonnes of petrol exported by Dangote by Business Hallmark showed that the refinery exported 27 million litres of petrol daily within the period.

For instance, one (1) ton of petrol is roughly equivalent to 1,350 liters. This translates to 1,350,000,000 (1.350billion) litres for the 1 million tons exported by Dangote Refinery in the period under review.

At the current local pump price of N885, it translates to a revenue of N1,167,750,000,000 (N1.168trillion) for the company, which is $763,235,294.11765 at the present exchange rate of N1530/$.

Dangote has also started the export of aviation fuel, diesel and other refined petroleum products to African countries, America, Europe and Asia, meaning that more foreign currencies have been flowing into the country through the massive 650,000 barrels per day capacity refinery.