Dangote Honours Tinubu With Refinery Road Naming, Announces 45% Petrol Price Drop.
Africa’s richest man, Aliko Dangote, has named the main road leading to the state-of-the-art Dangote Petroleum Refinery in Lagos after President Bola Ahmed Tinubu, recognising his pivotal role in the project’s success. The announcement, made during the official commissioning of the Deep Sea Port Access Road on Thursday, 5 June 2025, coincided with a groundbreaking revelation: a 45% reduction in petrol prices, a move set to bring significant relief to millions of Nigerians.
Speaking at the event, which linked the Dangote Fertiliser Plant to Eleko Junction, Dangote hailed President Tinubu as the visionary behind the refinery complex, crediting his unwavering support for private sector-led infrastructure during his tenure as Lagos State Governor and now as president. “The Dangote refinery complex is, in many ways, your brainchild,” Dangote told Tinubu, adding, “Mr President, let me just say one thing—the main road going into our refinery is now to be called Bola Ahmed Tinubu Road.” The declaration was met with applause as Tinubu rose to shake hands with the Dangote Group President and CEO, symbolising a shared commitment to Nigeria’s economic progress.
In a stunning development, Dangote also announced a dramatic 45% drop in petrol prices, a direct result of the refinery’s operations. “In neighbouring countries, the average price of petrol is around $1 per litre, which is N1,600. But here at our refinery, we’re selling at between N815 and N820,” he explained, highlighting that Nigerians are now paying just 55% of regional rates. This follows earlier reductions in diesel prices, from N1,700 to N1,100 per litre last year, with further cuts since, easing costs for industries, mining, and agriculture. “This reduction has made a significant impact across various sectors,” Dangote noted, underscoring the refinery’s role in driving economic relief.
The 650,000-barrel-per-day facility, one of the world’s largest single-train refineries, is producing Euro V standard fuel, meeting ECOWAS’s 50ppm sulphur emissions cap—a standard often unmet by imported fuels. The newly named Bola Ahmed Tinubu Road stretches through Epe to Ijebu-Ode, connecting to the Sagamu–Benin Expressway, and forms part of over 500 kilometres of roads built by the Dangote Group, including links to Chad and Cameroon via Borno State.
President Tinubu, addressing dignitaries, praised the refinery as a “remarkable achievement” and a “phenomenal project of our time,” noting its potential to transform Nigeria’s economy. He also hailed the Deep Sea Port Access Road, initiated during his governorship, as a vital logistics corridor saving users vast sums by eliminating trans-shipment costs.
Dangote lauded Tinubu’s “courageous” leadership, which he said has revived investor confidence. With petrol prices now slashed by 45%, Nigerians can expect a ripple effect of lower costs for goods and services, bolstering the nation’s economic recovery. As the refinery continues to ramp up production, this landmark move signals a brighter, more self-sufficient future for Nigeria’s fuel industry.
