Dangote Refinery Critical to Achieving Nigeria’s $1 Trillion Economy — FG

The Federal Government has described the Dangote Petroleum Refinery and Petrochemicals as a key pillar in Nigeria’s drive to build a $1 trillion economy, promising stronger collaboration with the private sector to accelerate industrialisation, create jobs and boost economic growth.

The Minister of State for Industry, John Enoh, made the remarks on Wednesday after leading a high-level delegation from the ministry on an inspection tour of the 700,000 barrels-per-day Dangote Petroleum Refinery, Dangote Petrochemicals complex and Dangote Fertiliser Limited in Lagos.

Enoh described the integrated industrial complex as one of Africa’s most significant private investments, saying it reflects the scale of industrial development needed to transform Nigeria’s economy.

According to him, the visit reinforced the importance of large-scale manufacturing in implementing the Nigeria Industrial Policy, which was launched earlier this year to strengthen the country’s industrial base.

“You cannot be Minister in charge of Industry and not visit the Dangote Refinery,” Enoh said. “This facility matters because of what it represents for Nigerian industry, our people and the realisation of President Bola Tinubu’s vision of a one trillion-dollar economy.”

The minister said the refinery has become a symbol of value addition, industrial competitiveness and Nigeria’s growing manufacturing capacity.

“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 stated.

Enoh noted that the refinery has helped reshape international perceptions of Nigeria by reducing the country’s dependence on imported refined petroleum products while positioning it as an exporter to global markets.

He recalled that during recent global supply disruptions, Nigeria was able to export refined petroleum products to markets in the Middle East and other regions, describing the development as a major achievement.

The minister, who was accompanied by directors, regulators and heads of agencies under the ministry, said members of the delegation left with a deeper understanding of the scale, technology and strategic importance of the facilities.

“I brought members of my team here because I wanted them to see firsthand what this investment represents. It has been a humbling and enlightening experience. We leave with greater knowledge and an even stronger commitment to supporting industrial development in Nigeria,” he said.

Enoh also dismissed concerns over the refinery’s single-train configuration, explaining that operations continued smoothly even during scheduled maintenance activities.

He pledged that the ministry would continue to support Dangote Industries Limited through the Industrial Revolution Work Group and ministerial roundtables aimed at addressing challenges facing manufacturers, particularly access to affordable long-term financing.

The minister further praised the President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, describing him as Nigeria’s foremost industrialist whose contributions would be crucial to achieving the country’s manufacturing ambitions.

He noted that the Nigeria Industrial Policy targets increasing manufacturing’s contribution to the nation’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,” Enoh said.

Speaking during the visit, Dangote stressed that industrialisation must remain at the heart of Nigeria’s economic strategy, arguing that no country has achieved lasting prosperity without a strong manufacturing sector.

“There is no way to create jobs and prosperity without industrialisation,” he said. “The greatest attraction for foreign investors is the success of domestic investors. When local investors thrive, they send a powerful signal that the environment is conducive for investment.”

Dangote disclosed that his company recently raised an unsecured and unrated bond at rates below Nigeria’s sovereign benchmark, which he said demonstrated growing investor confidence in credible Nigerian private-sector institutions.

According to him, the successful fundraising shows that Nigerian companies can attract long-term capital when supported by stable and predictable government policies.

The business mogul also commended Enoh’s commitment to industrial development, saying the ministry would play a significant role in attracting investment, creating jobs and advancing the government’s $1 trillion economy target.

Dangote maintained that policy consistency remains the most important factor in attracting investors, warning that frequent policy changes undermine investor confidence more than the absence of incentives.

Reflecting on the construction of the refinery, he described the project as the biggest business risk of his career, noting that many financiers initially doubted it could be completed.

Despite challenges such as the COVID-19 pandemic, foreign exchange volatility and scepticism from lenders, Dangote said the successful completion of the refinery proves that Nigerian entrepreneurs can 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.

He added that when operating 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.

Dangote urged the Federal Government to continue supporting indigenous investors, describing them as the country’s strongest drivers of employment, foreign exchange earnings and long-term economic resilience.

“If Nigeria is to achieve sustainable growth and become a trillion-dollar economy, industrialisation must be be the foundation. Indigenous investors remain the strongest catalysts for that transformation,” he said.