Dangote Refinery Critical To Nigeria’s $1 Trillion Economy Vision – Federal Govt

The federal government has described the Dangote Petroleum Refinery and Petrochemicals as a cornerstone of Nigeria’s ambition to build a $1 trillion economy, pledging deeper collaboration with the private sector to accelerate industrialisation, job creation and economic transformation.

The minister of State for Industry, Senator John Owan Enoh, made the declaration after leading a high-level delegation on an extensive tour of the 700,000 barrels-per-day Dangote Petroleum Refinery, Dangote Petrochemicals complex and Dangote Fertiliser Limited in Lagos.

The minister described the integrated industrial complex as one of the most significant investments in Africa and a model for the type of industrial development required to drive Nigeria’s growth aspirations.

He said the visit reinforced the central role of large-scale manufacturing in the successful implementation of the Nigeria Industrial Policy unveiled earlier this year, saying that the policy aims to increase manufacturing’s contribution to GDP to 20 per cent by 2030 and 25 per cent by 2035.

“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,” the minister added.

Enoh noted that the refinery has fundamentally changed global perceptions of Nigeria by helping to transform the country from a major importer of refined petroleum products into an exporter serving international markets.

“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 said.

He also dismissed concerns over the refinery’s single-train configuration, noting that operations remained uninterrupted even during scheduled maintenance.

The Minister, who was accompanied by directors, regulators and heads of agencies, said the delegation left with greater knowledge and an even stronger commitment to supporting industrial development in Nigeria.

He pledged that the Ministry and its agencies would remain strong advocates of the refinery and the broader industrialisation agenda.

He said the government will continue to engage Dangote Industries Limited through the Industrial Revolution Work Group and ministerial roundtables to address challenges facing manufacturers, particularly access to affordable long-term financing.

The president and chief executive of Dangote Industries Limited, Aliko Dangote, urged the federal government to place industrialisation at the centre of its economic strategy.

“There is no way to create jobs and prosperity without industrialisation. The greatest attraction for foreign investors is the success of domestic investors,” Dangote said.

He revealed that Dangote Industries recently raised an unsecured and unrated bond at rates below Nigeria’s sovereign benchmark, which he said demonstrates growing investor confidence in credible Nigerian private-sector institutions.

“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,” he stated.