By Barbara Nwaiwu
The Federal Government has described the Dangote Petroleum Refinery and Petrochemicals as a key component 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.
Minister of State for Industry, Senator John Owan Enoh, made the declaration on Wednesday after leading a delegation from the Ministry on a 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 investments and said facilities of its scale were essential to achieving Nigeria’s industrial and economic growth objectives.
He said the visit highlighted the importance of large scale manufacturing to the implementation of the Nigeria Industrial Policy, which was unveiled earlier this year.
“You cannot be Minister in charge of Industry and not visit the Dangote Refinery,” Enoh stated. “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.”
The minister said the refinery represented value addition, industrial competitiveness and Nigeria’s expanding manufacturing capacity, adding that its operations had helped change perceptions of the country’s industrial capabilities.
“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 said.
Enoh said Nigeria had also moved from being a major importer of refined petroleum products to exporting products to international markets, citing exports to markets in the Middle East and beyond during global supply disruptions.
“When global supply disruptions occurred, Nigeria was able to export petroleum products to markets in the Middle East and beyond. That is an extraordinary achievement and one that deserves recognition,” he added.
The minister, who was accompanied by directors, regulators and heads of agencies under the Ministry, said the visit gave the delegation a better 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 also said concerns surrounding the refinery’s single-train configuration had become clearer following the visit, noting that operations continued during scheduled maintenance.
“The issues surrounding the single train configuration are much clearer now. Even during scheduled maintenance, operations continued,” he said.
Enoh pledged continued government engagement with Dangote Industries Limited through the Industrial Revolution Work Group and ministerial roundtables to address challenges confronting manufacturers, particularly access to affordable long-term financing.
He also commended Aliko Dangote for supporting the launch of the Nigeria Industrial Policy, describing him as “Nigeria’s foremost industrialist” and saying his contributions would be important to achieving the country’s manufacturing targets.
The policy seeks to raise manufacturing’s contribution to Nigeria’s Gross Domestic Product to approximately 20% by 2030 and 25% 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 stated.
Speaking during the visit, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, called on the Federal Government to make industrialisation a central part of its economic strategy, arguing that a strong manufacturing sector was necessary for job creation and prosperity.
“There is no way to create jobs and prosperity without industrialisation,” Dangote 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 said Dangote Industries had 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.
He said stable and predictable government policies were necessary to enable Nigerian companies to mobilise long-term capital and attract further investment.
Dangote also praised Enoh’s commitment to industrial development, saying the Ministry of Industry would have an important role in attracting investment, creating jobs and supporting the President’s $1 trillion economy agenda.
“We have worked with many Ministers of Industry over the years, but I can confidently say that his commitment is exceptional. His ministry will play a critical role in attracting investment, creating jobs and driving the President’s one trillion dollar economy agenda.”
He stressed the importance of policy consistency, saying frequent policy reversals could weaken investor confidence more than the absence of incentives.
Reflecting on the refinery project, Dangote described it as the biggest business risk of his life, citing challenges including the COVID-19 pandemic, foreign exchange volatility and doubts among financiers over whether the project would be completed.
“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 said the refinery, when operating at full capacity, would account for the equivalent of about 10% of United States refining capacity and consume approximately 2.5% of globally traded crude oil.
He urged the Federal Government to continue supporting indigenous investors, describing them as 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 stated.
