Dangote says petrol prices in Nigeria remain high despite local refining because the Dangote Refinery still buys crude oil at prevailing international market prices.

Speaking on Arise TV, the President of Dangote Group, Aliko Dangote, said the refinery paid as much as 124 dollars per barrel for crude in May, making it difficult to sell petrol at significantly lower prices.

He also said petrol prices in neighbouring countries are between 30 and 50 percent higher than in Nigeria, which has contributed to the continued smuggling of locally produced petrol across the borders.

Dangote assured Nigerians that there would be no fuel shortage or queues, saying the refinery would continue supplying the market despite the challenges.

He also identified high interest rates, inconsistent government policies and inadequate electricity as major obstacles to industrialisation in Nigeria.

On succession, Dangote said having a male heir was not a priority for him, adding that any of his three daughters could eventually lead the Dangote Group.

He said he wants the company to be professionally managed with strong corporate governance, regardless of whether a family member eventually takes control.

Dangote said his ultimate legacy is to contribute to the industrialisation of Africa and encourage more large-scale investments across the continent.