The Federal Government has described the Dangote Petroleum Refinery and Petrochemicals as a critical driver of Nigeria’s ambition to build a $1 trillion economy, pledging stronger collaboration with the private sector to accelerate industrialisation, create jobs and transform the country’s economy.
Minister of State for Industry, Senator John Owan Enoh, made the declaration after leading a high-level delegation from the Ministry on an extensive 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 industrial investments and a model for the kind of large-scale manufacturing needed to drive Nigeria’s economic growth aspirations.
According to him, the visit reinforced the strategic role of manufacturing in implementing the Nigeria Industrial Policy unveiled earlier this year and achieving President Bola Tinubu’s vision of a $1 trillion economy.
“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.
The Minister said the refinery has become a symbol of value addition, industrial competitiveness and Nigeria’s growing manufacturing capacity, noting that it has helped change global perceptions of the country by transforming it from a major importer of refined petroleum products into an exporter serving international markets.
“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.
He noted that Nigeria was able to export petroleum products to markets in the Middle East and other regions during recent global supply disruptions, describing the development as a remarkable achievement.
Enoh, who was accompanied by directors, regulators and heads of agencies under the Ministry, said the delegation gained firsthand insight into 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. 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.
The Minister also dismissed concerns about the refinery’s single-train configuration, saying operations continued uninterrupted even during scheduled maintenance.
He assured that the Ministry and its agencies would continue to champion the refinery and Nigeria’s industrialisation agenda through sustained engagement with Dangote Industries Limited under the Industrial Revolution Work Group and ministerial roundtables, particularly on issues affecting manufacturers such as access to affordable long-term financing.
Enoh also commended President and Chief Executive of Dangote Industries Limited, Aliko Dangote, for supporting the launch of the Nigeria Industrial Policy, describing him as Nigeria’s foremost industrialist whose contributions would be crucial to achieving the country’s manufacturing targets.
He noted that the policy aims to increase manufacturing’s contribution to Nigeria’s Gross Domestic Product from current levels 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,” he added.
Speaking during the visit, Dangote said industrialisation remains the fastest route to job creation and sustainable prosperity, insisting that no country has achieved lasting economic development 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. When local investors thrive, they send a powerful signal that the environment is conducive for investment,” he said.
Dangote disclosed that Dangote Industries recently raised an unsecured and unrated bond at rates below Nigeria’s sovereign benchmark, describing it as evidence of growing investor confidence in credible Nigerian private-sector institutions.
He said the successful fundraising demonstrated that Nigerian companies can attract long-term capital when supported by stable and predictable government policies.
Dangote also commended Senator Enoh’s commitment to industrial development, saying the Ministry would play a vital role in attracting investment, creating jobs and advancing the President’s economic agenda.
He stressed that policy consistency remains the single most important factor in attracting investment, warning that frequent policy reversals discourage investors 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 would ever be completed because of challenges ranging from the COVID-19 pandemic to foreign exchange volatility.
He said the successful delivery of the refinery demonstrates the ability 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 production, the refinery will 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 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 the foundation. Indigenous investors remain the strongest catalysts for that transformation,” Dangote said.