Aliko Dangote, president of the Dangote Group, says Nigerians are paying nearly half of what their West African neighbors spend on petrol, thanks to local refining at his multi-billion-dollar refinery.

Speaking during a visit to the refinery by Omar Touray, president of the Economic Community of West African States (ECOWAS) Commission, Dangote said: “In neighboring countries, the average price of petrol is around $1 per liter, which is about N1,600. But here at our refinery, we’re selling at between N815 and N820.”

“Many Nigerians don’t realize that they are currently paying just 55% of what others in the region are paying for petrol,” he said, insisting that the price gap is a direct benefit of domestic refining, which cuts transport, importation, and demurrage costs.

But while the announcement has been welcomed, it has also reignited the conversation around the enduring pain caused by the removal of fuel subsidy, as current pump prices remain far above pre-subsidy levels.

The remarks come months after the Dangote Refinery began rolling out diesel and aviation fuel and distributing petrol. The facility was long-touted as Nigeria’s solution to crushing import costs and a key buffer in the aftermath of President Bola Tinubu’s decision to end the petrol subsidy in May 2023, which sent fuel prices soaring from under N200 per liter to over N600 — and later above N1,000 in some parts of the country.

Since then, Nigerians have looked to the Dangote Refinery to help ease the burden. While the company has made a series of downward adjustments to diesel and now petrol, many say the reductions still fall short of expectations.

When compared to prices in neighboring countries, Dangote’s N815–N820 pricing is in a relatively better position. But within Nigeria, this level still represents a more than 300% increase from what Nigerians were paying before the subsidy was scrapped.

Though Dangote did not mention a timeline for further price cuts, he hinted at “a much larger initiative in the pipeline” that he says will deliver “maximum benefit” to Nigerians.

“This refinery is built for them,” he said.

But with household incomes stretched and inflation pushing basic necessities out of reach, any relief offered by local refining is yet to bridge the gaping hole left by the end of government-backed fuel discounts.

“We Must Stop Importing What We Can Produce”

Dangote argued that the refinery is more than just a business venture. He framed it as a symbol of economic self-reliance, saying: “As long as we continue importing what we can produce, we will remain underdeveloped.”

He also addressed widespread doubts over the refinery’s capacity.

“Some people have said we don’t even produce enough to meet Nigeria’s needs. But now, they are here to see the reality for themselves — and more importantly, to encourage other nations to embark on similarly large-scale industrial projects,” he said.

Citing the diesel market, he noted that prices fell sharply from N1,700 to N1,100 when local production started, and have since declined further.

“This reduction has made a significant impact across various sectors,” he said, including agriculture, manufacturing and mining.

ECOWAS: Dangote Refinery Key to Regional Standards

Touray, who led the ECOWAS delegation, praised the refinery’s ability to meet the 50 parts per million (ppm) sulfur standard — something he said many imported fuels still fail to meet.

“We are still importing products below our standard when a regional company such as Dangote can meet and exceed these requirements,” Touray said. He called on the private sector to take the lead in West Africa’s industrialization, saying the region can no longer make decisions for businesses “from a distance.”

He also pledged ECOWAS’ full support for companies like Dangote to access broader markets across the region and urged African countries to emulate Nigeria by developing infrastructure that serves regional economies.

“As we mark 50 years of ECOWAS, we are more committed than ever to bringing the private sector to the table,” Touray said, pointing to industrial development as key to reducing youth unemployment, poverty, and insecurity.

While Dangote’s refinery has finally begun supplying petrol — after several delays — and has introduced measurable cost relief relative to regional markets, the relief is tied to international oil prices. This means that the refinery could increase the price if the oil price, currently trading around $60 per barrel, goes up.

A long-anticipated call between President Donald Trump and Chinese President Xi Jinping could happen this week, as both countries face deepening hostilities over trade, technology, and diplomatic posturing.

A senior White House official told CNBC on Monday that the two leaders could speak “very soon,” although not immediately. The conversation, which follows the fragile agreement reached in Geneva in mid-May, comes as both countries ramp up accusations of betrayal and backtracking on the terms of their three-month tariff truce.

The mood between the two sides has soured rapidly. China on Monday forcefully rejected U.S. claims that it had violated the trade agreement. “China firmly rejects these unreasonable accusations,” the country’s Commerce Ministry said in a statement. It listed export controls on artificial intelligence chips, curbs on the sale of chip design software, and even the revocation of student visas for Chinese nationals as evidence of Washington’s antagonism.

“We urge the U.S. to meet China halfway, immediately correct its wrongful actions, and jointly uphold the consensus from the Geneva trade talks,” the ministry added.

Trade Deal on the Brink

In April, Trump stunned markets when he raised tariffs on Chinese goods to 145%, a sweeping move that effectively erased months of negotiation. Though both sides agreed weeks later to roll back most of those tariffs temporarily, the detente has not held.

Instead, accusations of sabotage are flying. Washington says Beijing is deliberately delaying exports of rare earth minerals and critical tech components. China, in turn, accuses the U.S. of engaging in economic containment, including its warning to allies against using Chinese-made chips and tightening export restrictions on advanced semiconductors.

Trump, visibly frustrated, wrote on Truth Social last Friday, “CHINA, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US… So much for being Mr. NICE GUY!”

High Stakes, Low Expectations

Despite the anticipation surrounding a possible Trump-Xi call, many observers doubt it will produce meaningful results. The tone from Beijing suggests hardening positions, not conciliation.

China’s posture has been one of defiance, underscored by a belief that it will not be bullied into making concessions. Even top global financiers agree. Speaking at a recent event, JPMorgan Chase CEO Jamie Dimon said the assumption that Beijing will bow to Washington is mistaken.

“China is a potential adversary. They’re doing a lot of things well. They have a lot of problems,” Dimon said. “But they’re not scared, folks. This notion that they’re going to come bow to America—I wouldn’t count on that.”

This sentiment reflects a growing consensus that Beijing is unlikely to compromise, even if Xi agrees to a direct conversation with Trump. The call, while diplomatically important, may be more symbolic than strategic.

The Impact of the Economic Fallout on Markets

The uncertainty is weighing heavily on markets. U.S. stocks opened lower Monday, rattled by fears that a new phase of economic confrontation may be on the horizon. Analysts warn that without a clear path forward, the current truce could unravel completely, unleashing another wave of trade shocks.

Before tensions escalated, trade between the U.S. and China exceeded $600 billion annually, making the partnership one of the most economically significant in the world. But with both governments now clamping down on each other’s technology sectors and intensifying national security restrictions, the relationship is rapidly deteriorating.

Xi-Trump Call May Be Final Attempt

The coming call, if it happens, could serve as a last attempt to revive the Geneva consensus. But even within Trump’s own team, there’s acknowledgment that only direct intervention from the two leaders might save the process.

Treasury Secretary Scott Bessent said last week that talks have stalled, and that progress will “require both leaders to weigh in with each other.” But even that seems a long shot.

However, it’s becoming increasingly clear that the Trump-Xi call may carry more symbolism than substance—a reflection of the widening gulf between two nations whose rivalry is no longer confined to trade, but to the future balance of global power.