By KP Reporter
Lagos, Nigeria – President Muhammadu Buhari has lauded the Dangote Petroleum Refinery, describing it as a game changer that will transform Nigeria’s economy. Speaking at the inauguration of the refinery in Ibeju-Lekki, Lagos, the President expressed confidence that the facility’s completion would enable Nigeria to achieve self-sufficiency in refined products and potentially become an exporter.
The President commended the visionary leadership of Alhaji Aliko Dangote, the founder of the Dangote Group, for his remarkable contributions to Nigeria’s economic development. He urged other entrepreneurs to emulate Dangote’s example in driving growth and unlocking Nigeria’s economic potential.
“This mega industry we are commissioning today is a clear example of what can be achieved when entrepreneurs are encouraged and supported, and when an enabling environment is created for investments and businesses to thrive,” President Buhari stated.
The Dangote Refinery, with a capacity to process 650,000 barrels per day, is the largest in the world and a significant milestone for Nigeria’s economy. It is expected to meet Nigeria’s domestic demand for refined products and offer surplus for export, providing a boost to the downstream petroleum products market in Africa.
President Buhari emphasized the need for African countries to collaborate and integrate their economies to achieve Agenda 2063, the continent’s vision for prosperity. He called on African leaders to eliminate trade barriers, energize the population, and create conditions for private sector growth to accelerate economic development.
The President assured the nation that his administration has focused on creating an enabling environment for the private sector to thrive, as evidenced by initiatives such as the Tax-credit scheme. He expressed hope that the succeeding administration, under His Excellency Asiwaju Bola Ahmed Tinubu, would continue to foster public-private partnerships and accelerate infrastructure development.
Alhaji Aliko Dangote, in his remarks, stated that the refinery would begin operations before the end of July, stressing its significance in providing high-quality fuels for the transportation sector and essential raw materials for various manufacturing industries. Dangote also highlighted the job opportunities the refinery would create, both directly and within the downstream value chain.
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, announced that outstanding debt by Dangote Refinery had significantly reduced from over $9 billion to $3 billion. Emefiele applauded the Dangote Group for its commitment and commercial capability, adding that Nigeria would soon cease importing petroleum products, fertilizer, and petrochemicals, thereby conserving foreign exchange.
The inauguration ceremony was graced by the presence of several African leaders, including Presidents Gnassingbé Eyadéma of Togo, Nana Akufo-Addo of Ghana, Macky Sall of Senegal, Mohamed Bazoum of Niger Republic, and Mahamat Déby of Chad.