By Charles Pemu 
Africa’s richest man, Aliko Dangote, has called on President Bola Tinubu to expand the Federal Government’s ‘Nigeria First’ policy to include a ban on the importation of refined petroleum products. But the proposal has been firmly rejected by oil marketers and energy experts, who say it would stifle competition and promote monopoly.
Speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets, hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global, Dangote argued that continued fuel imports were undermining Nigeria’s refining sector.
“The ‘Nigeria First’ policy should apply to refined petroleum products. Importation is killing local refining and discouraging investment,” Dangote said. He accused fuel importers of dumping “cheap and often toxic” petroleum products subsidised abroad—particularly from Russia—into Nigeria, making it hard for local producers to compete.
According to Dangote, the Dangote Refinery exported about 1.35 billion litres of petrol between June and July 2025, positioning Nigeria as a net exporter of fuel for the first time. “Despite this, importers continue to sabotage local investments,” he said.
He further dismissed monopoly concerns, noting that his call was about “protecting local investment,” not eliminating market competition. “Too many with the means to invest prefer to criticise from abroad,” he added.
Marketers Push Back
Reacting to the call, the Independent Petroleum Marketers Association of Nigeria (IPMAN) rejected any proposal to ban fuel imports. Its spokesperson, Chinedu Ukadike, said it would “spell doom for the sector.”
“If we stop importing now, Dangote becomes the sole supplier. That’s a dangerous monopoly. Importation gives us balance, helps inflation, and ensures supply,” Ukadike said, stressing that Dangote’s output alone cannot meet national demand.
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) echoed this, with President Billy Gillis-Harry saying that in a free market economy, energy sources must be diversified. “We should ban the import of garri and toothpicks—not fuel. Fuel imports are stabilising the sector, not harming it,” he said.
Expert Voices Caution
Professor Dayo Ayoade, an energy law expert at the University of Lagos, warned that banning petroleum imports would trigger legal and economic risks.
“From a legal and national security standpoint, you cannot hand over an entire industry to one private player. We’re not there yet in terms of self-sufficiency. Import bans also clash with international trade laws,” Ayoade said.
He added that liberalising the downstream sector and encouraging multiple refineries would better serve the country than protectionist bans.
Refinery Licences and Industry Growth
On a point of agreement, Dangote and IPMAN called for NMDPRA to revoke dormant refinery licences and encourage new, active players in the sector.
“You can’t be holding refinery licences like they’re decorative certificates,” Ukadike said, backing Dangote’s push for more local refining capacity.
The Dangote Refinery, currently producing at 650,000 barrels per day (BPD), is expected to hit 700,000 BPD by December 2025. Dangote recently stepped down as chairman of Dangote Cement to focus entirely on his $20bn refinery, fertiliser, and petrochemicals ventures.