Nigeria’s industrial ambitions received a major boost as President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, revealed that the 700,000-barrels-per-day Dangote Petroleum Refinery will consume approximately 2.5 percent of globally traded crude oil when operating at full capacity. The announcement came during a visit by the Minister of State for Industry, Senator John Owan Enoh, and a delegation from the Federal Ministry of Industry to the refinery, petrochemical complex, and fertilizer plant in Lagos, highlighting the project’s growing importance to both Nigeria and the global energy market.
Speaking during the tour, Dangote reflected on the refinery’s journey, describing it as the greatest business risk he has ever taken. He recalled that many financial institutions doubted the project would be completed, especially as it faced major setbacks including the COVID-19 pandemic, foreign exchange instability, and widespread skepticism from investors. Despite these challenges, he said the successful completion of the refinery proves that Nigerian entrepreneurs can deliver world-class projects capable of competing on the global stage.
Dangote noted that once fully operational, the refinery’s processing capacity will equal about 10 percent of the United States’ total refining capacity, making it one of the world’s largest single-train refineries. He stressed that industrialisation remains the most effective path to economic prosperity, arguing that no nation has achieved sustainable growth without building a strong manufacturing sector. According to him, thriving local businesses also serve as the strongest signal to foreign investors that a country’s investment climate is stable and attractive.
The business leader also disclosed that Dangote Industries recently secured an unsecured, unrated bond at interest rates below Nigeria’s sovereign benchmark, describing the achievement as a clear sign of increasing investor confidence in credible Nigerian private-sector institutions. He maintained that consistent government policies are more valuable than short-term incentives, warning that frequent policy changes discourage investment and slow economic development. Dangote insisted that indigenous investors will remain the driving force behind Nigeria’s journey toward becoming a $1 trillion economy.
Commending the project, Minister of State for Industry Senator John Owan Enoh described the Dangote Refinery as one of Africa’s most significant industrial investments and a critical pillar of Nigeria’s economic transformation agenda. He pledged stronger collaboration between the government and the private sector to accelerate industrialisation, create jobs, and expand value-added manufacturing. According to the minister, the refinery represents the type of large-scale investment needed to position Nigeria as a globally competitive economy while advancing President Bola Tinubu’s vision of building a trillion-dollar economy.
source: punch
