Dangote Group unveils multi-billion-dollar seaport project

By Philippine Duru

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The Dangote Petroleum Refinery has reduced the price of aviation fuel as part of efforts to strengthen its market presence and ease operational pressures on airline operators, while also pushing ahead with plans for a multi-billion-dollar seaport project designed to expand Nigeria’s industrial and export infrastructure.

The latest price adjustment is expected to bring some relief to domestic airlines grappling with high operating expenses, especially amid persistent foreign exchange challenges and rising maintenance costs within the aviation sector.

Industry stakeholders believe the move by the refinery could intensify competition in the downstream petroleum market and potentially contribute to lower air travel costs if sustained over time.

The 650,000 barrels-per-day refinery located in the Lekki Free Trade Zone, Lagos, has continued to ramp up supply of refined petroleum products, including diesel, aviation fuel and premium motor spirit, to both local and international markets.

Meanwhile, the Dangote Group is also advancing plans for the development of a large-scale deep seaport at the Olokola Free Trade Zone in Ogun State, a project expected to cost several billions of dollars upon completion.

According to reports, the proposed seaport will occupy about 10,000 hectares and is intended to serve as a strategic logistics and export hub for the conglomerate’s expanding industrial operations across Nigeria and West Africa.

The project is expected to boost maritime trade activities, improve export efficiency and strengthen supply chain operations for the company’s refinery, fertiliser and petrochemical businesses.

Economic analysts say the planned seaport could significantly enhance Nigeria’s non-oil export potential while reducing congestion at existing ports, particularly those in Lagos.

The development also aligns with Dangote Group’s broader industrial expansion strategy aimed at deepening local production capacity and reducing dependence on imported goods and infrastructure services.

In recent months, the refinery has emerged as one of Africa’s most closely watched industrial projects, following the gradual rollout of refined product supplies into the Nigerian market.

There are also indications that the company is considering major fundraising initiatives, including a potential public listing, to support ongoing expansion projects and attract broader investor participation.

President of the Dangote Group, Aliko Dangote, has consistently maintained that Africa must build strong industrial and logistics infrastructure to compete effectively in the global economy.

Observers say the combined impact of lower aviation fuel prices and strategic infrastructure investments could help improve Nigeria’s economic competitiveness, stimulate trade and support long-term industrial growth.