Federal Government Supports Dangote Refinery as Key to $1tn Economy Vision
The Federal Government has described the Dangote Petroleum Refinery and Petrochemicals as a critical pillar of Nigeria’s ambition to build a $1 trillion economy, pledging stronger collaboration with the private sector to accelerate industrialisation, job creation and economic transformation.
The Minister of State for Industry, Senator John Owan Enoh, stated this on Wednesday during a visit to the 700,000 barrels-per-day Dangote Petroleum Refinery, Dangote Petrochemicals complex and Dangote Fertiliser Limited in Lekki, Lagos.
The minister, leading a high-level delegation from the Ministry of Industry, described the integrated industrial complex as one of the most significant investments in Africa and a model for the type of large-scale manufacturing required to drive Nigeria’s economic growth agenda.
Enoh said the visit reinforced the central role of manufacturing in the implementation of the Nigeria Industrial Policy unveiled earlier this year.
“You cannot be Minister in charge of Industry and not visit the Dangote Refinery. This facility matters because of what it represents for Nigerian industry, for our people and for the realisation of President Bola Tinubu’s vision of a one trillion-dollar economy,” he said.
According to him, the refinery has become a symbol of value addition, industrial competitiveness and Nigeria’s expanding manufacturing capability.
“The more a country adds value to its products, the more respect it earns globally. The Dangote Refinery stands today as one of the strongest demonstrations of that principle,” he added.
The minister said the refinery had altered global perceptions of Nigeria by helping transform the country from a major importer of refined petroleum products into an exporter serving international markets.
He disclosed that during global supply disruptions, Nigeria was able to export petroleum products to markets in the Middle East and other regions.
Enoh, who was accompanied by directors, regulators and heads of agencies under the ministry, said the delegation gained a deeper understanding of the scale, technological sophistication and strategic importance of the facilities.
“I brought members of my team here because I wanted them to see firsthand what this investment represents. We leave with greater knowledge and an even stronger commitment to supporting industrial development in Nigeria,” he said.
He also dismissed concerns over the refinery’s single-train configuration, saying operations continued uninterrupted during scheduled maintenance.
The minister pledged continued government engagement with Dangote Industries Limited through the Industrial Revolution Work Group and ministerial roundtables to address challenges facing manufacturers, particularly access to affordable long-term financing.
Enoh commended the President of Dangote Industries Limited, Aliko Dangote, for supporting the launch of the Nigeria Industrial Policy and described him as Nigeria’s foremost industrialist.
The industrial policy aims to increase manufacturing’s contribution to Nigeria’s Gross Domestic Product to about 20 per cent by 2030 and 25 per cent by 2035.
“We want to be judged by the extent to which we implement this policy. Achieving these targets will require a strong partnership between government and industry leaders like Aliko Dangote,” the minister said.
Speaking during the visit, Dangote urged the Federal Government to place industrialisation at the centre of its economic strategy, insisting that no country had achieved prosperity without a strong manufacturing base.
“There is no way to create jobs and prosperity without industrialisation. The greatest attraction for foreign investors is the success of domestic investors,” he said.
Dangote disclosed that Dangote Industries recently raised an unsecured and unrated bond at rates below Nigeria’s sovereign benchmark, which he said reflected growing investor confidence in credible Nigerian private-sector institutions.
He argued that the successful fundraising demonstrated the ability of Nigerian companies to mobilise long-term capital when supported by stable and predictable government policies.
The industrialist praised Enoh’s commitment to industrial development and said the ministry would play a critical role in attracting investment, creating jobs and advancing the administration’s economic agenda.
Dangote stressed that policy consistency remained the most important factor in attracting investment, warning that frequent policy reversals undermine investor confidence.
Reflecting on the refinery project, he described it as the biggest business risk of his life, recalling that many financiers doubted it would be completed.
Despite challenges including the COVID-19 pandemic, foreign exchange volatility and lender scepticism, Dangote said the successful delivery of the refinery demonstrated the capacity of Nigerian entrepreneurs to execute projects of global significance.
“What we have achieved here has never been done before on this scale. Once one person succeeds, many others will be encouraged to follow,” he said.
Dangote disclosed that at full capacity the refinery would account for the equivalent of about 10 per cent of the United States’ refining capacity and consume approximately 2.5 per cent of globally traded crude oil.
He urged the government to continue supporting indigenous investors, describing them as the country’s most important drivers of employment, foreign exchange generation and long-term economic resilience.
“If Nigeria is to achieve sustainable growth and become a trillion-dollar economy, industrialisation must be the foundation. Indigenous investors remain the strongest catalysts for that transformation,” Dangote said.