The Nigerian government has described the Dangote Petroleum Refinery as a cornerstone of its ambition to build a $1 trillion economy, pledging stronger collaboration with the private sector to accelerate industrialisation, create jobs and strengthen the country’s manufacturing base.
Minister of State for Industry, Senator John Owan Enoh, made the remarks during a visit to the 700,000-barrels-per-day Dangote Petroleum Refinery, Dangote Petrochemicals and Dangote Fertiliser complex in Lagos. He described the integrated facility as one of Africa’s largest industrial investments and a model for the kind of manufacturing needed to drive sustainable economic growth.
According to the minister, the refinery has become a symbol of Nigeria’s industrial transformation by adding value to the country’s natural resources instead of relying heavily on imported refined petroleum products. He said the project aligns with President Bola Tinubu’s vision of transforming Nigeria into a $1 trillion economy through industrial expansion and increased local production.
Enoh said the refinery has also helped reshape global perceptions of Nigeria by enabling the country to export refined petroleum products to international markets during periods of global supply disruptions. He added that the ministry’s visit reinforced the strategic importance of large-scale manufacturing in implementing Nigeria’s Industrial Policy.
The minister dismissed concerns over the refinery’s single-train configuration, saying operations continued smoothly even during maintenance activities. He pledged continued government engagement with Dangote Industries through policy dialogue and industry working groups to address challenges facing manufacturers, including access to affordable long-term financing.
Nigeria’s Industrial Policy targets increasing manufacturing’s contribution to the country’s Gross Domestic Product (GDP) to about 20 percent by 2030 and 25 percent by 2035, with government officials stressing that partnerships with leading private investors will be essential to achieving those goals.
Speaking during the visit, Dangote Industries President and Chief Executive Aliko Dangote said industrialisation remains the fastest path to sustainable economic growth, job creation and national prosperity. He argued that successful local investors provide the strongest signal to international investors that a country’s business environment is stable and attractive.
Dangote revealed that his company recently secured an unsecured bond at rates below Nigeria’s sovereign benchmark, describing it as evidence of growing investor confidence in credible Nigerian businesses. He said consistent government policies are more important than incentives in attracting long-term investment, warning that policy reversals discourage both domestic and foreign investors.
Reflecting on the refinery project, Dangote described it as the biggest business risk of his career, recalling the financial and operational challenges posed by the COVID-19 pandemic, foreign exchange volatility and initial scepticism from financiers. He said the successful completion of the project demonstrates that African entrepreneurs can deliver world-class industrial projects.
He added that, at full capacity, the refinery will account for about 10 percent of the United States’ refining capacity while consuming roughly 2.5 percent of globally traded crude oil. Dangote urged the government to continue supporting indigenous investors, saying they remain the strongest drivers of employment, foreign exchange earnings and long-term economic resilience.
