Abayomi Susan
The Federal Government has identified the Dangote Petroleum Refinery and Petrochemicals as a critical pillar in Nigeria’s drive to build a $1 trillion economy, reaffirming its commitment to stronger collaboration with the private sector to accelerate industrialisation, job creation and sustainable economic growth.
Minister of State for Industry, Senator John Owan Enoh, made the remarks on Thursday after leading a high-powered delegation from the Federal Ministry of Industry on an inspection tour of the 700,000-barrels-per-day Dangote Petroleum Refinery, Dangote Petrochemicals Complex and Dangote Fertiliser Limited in Lagos.
Describing the integrated industrial complex as one of Africa’s most significant investments, Enoh said the facilities exemplify the scale of industrial development required to achieve Nigeria’s long-term economic aspirations.
According to the minister, the visit reinforced the strategic importance of large-scale manufacturing in delivering the objectives of the Nigeria Industrial Policy unveiled earlier this year.
“You cannot serve as Minister in charge of Industry without visiting the Dangote Refinery,” Enoh said. “This facility represents the future of Nigerian industry and remains central to President Bola Tinubu’s vision of building a one trillion-dollar economy.”
He noted that the refinery has become a symbol of value addition, industrial competitiveness and Nigeria’s expanding manufacturing capacity, stressing that nations that process and add value to their resources earn greater global recognition.
Enoh also said the refinery has reshaped international perceptions of Nigeria by transforming the country from a major importer of refined petroleum products into a growing exporter serving markets across Africa, the Middle East and other regions.
“When disruptions affected global supply chains, Nigeria was able to export petroleum products to international markets. That achievement speaks volumes about the refinery’s strategic importance,” he stated.
The minister, accompanied by directors, regulators and heads of agencies under the ministry, said the delegation gained firsthand insight into the scale, technological sophistication and national significance of the facilities.
He added that the visit strengthened the ministry’s resolve to support industrial development and dismissed concerns over the refinery’s single-train configuration, noting that production continued uninterrupted during scheduled maintenance.
Enoh assured that the ministry would continue engaging Dangote Industries Limited through the Industrial Revolution Work Group and ministerial roundtables to address challenges facing manufacturers, particularly access to affordable long-term financing.
He also commended President and Chief Executive of Dangote Industries Limited, Aliko Dangote, for supporting the implementation of the Nigeria Industrial Policy, describing him as one of the country’s foremost industrialists whose contributions are essential to achieving the policy’s objectives.
The policy seeks to raise manufacturing’s contribution to Nigeria’s Gross Domestic Product (GDP) to about 20 per cent by 2030 and 25 per cent by 2035.
“We want to be measured by the successful implementation of this policy, and achieving those targets will require strong collaboration between government and private sector leaders such as Aliko Dangote,” Enoh added.
Speaking during the visit, Dangote urged the Federal Government to make industrialisation the centrepiece of its economic agenda, insisting that sustainable job creation and national prosperity can only be achieved through a vibrant manufacturing sector.
“There is no path to lasting prosperity without industrialisation,” Dangote said. “The success of indigenous investors sends a stronger signal to foreign investors than any incentive package. When local businesses succeed, international investors gain confidence in the economy.”
He revealed that Dangote Industries recently secured an unsecured and unrated bond at rates below Nigeria’s sovereign benchmark, describing it as evidence of increasing investor confidence in credible Nigerian private-sector institutions.
According to him, the successful capital raise demonstrates that Nigerian companies can attract long-term investment when supported by stable and predictable government policies.
Dangote also praised Senator Enoh’s commitment to advancing Nigeria’s industrial agenda, saying the ministry has a vital role to play in attracting investment, creating employment opportunities and supporting the Federal Government’s economic transformation agenda.
He stressed that policy consistency remains one of the most important factors influencing investment decisions, warning that frequent policy changes undermine investor confidence more than the absence of incentives.
Reflecting on the refinery project, Dangote described it as the biggest business risk of his career, recalling that many financiers doubted it could be completed due to challenges ranging from the COVID-19 pandemic to foreign exchange volatility.
Despite those obstacles, he said the successful completion of the refinery demonstrates the ability of Nigerian entrepreneurs to deliver projects of global significance.
“What we have accomplished here is unprecedented on this scale. Success inspires others, and once one investor proves it can be done, many more will follow,” he said.
Dangote disclosed that at full production capacity, the refinery will account for the equivalent of about 10 per cent of the United States’ refining capacity while processing approximately 2.5 per cent of globally traded crude oil.
He urged the government to sustain its support for indigenous investors, describing them as the backbone of job creation, foreign exchange earnings and long-term economic resilience.
“If Nigeria is to achieve sustainable growth and realise its one trillion-dollar economy ambition, industrialisation must remain the foundation, with indigenous investors serving as the key drivers of that transformation,” Dangote stated.
