Aliko Dangote has attributed the high price of petrol in Nigeria partly to the continued smuggling of the commodity to neighbouring countries where it sells for significantly more.
The President of Dangote Industries Limited said the illegal trade diverts products meant for the local market and distorts supply, leaving Nigerians to pay more at the pump.
His comments add to the debate over why fuel prices remain stubbornly high despite local refining capacity.
Smugglers reportedly move petrol across porous borders to countries where subsidies and market conditions push prices far above Nigerian levels, making the business lucrative.
Economists argue that until border controls improve and the downstream sector is properly policed, ordinary consumers will keep bearing the cost.
Transporters, small businesses and households already reeling from inflation say fuel costs are squeezing their budgets and pushing up the price of food and other essentials.
Dangote’s intervention is likely to intensify pressure on regulators to act against cartels profiting from the leakage.
