By Stanley Onyeka, Lagos
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.
Minister of State for Industry, John Enoh, was said to have made the declaration on Wednesday, when he led a high-level delegation from the Ministry on a tour of the 700,000 barrels-per-day Refinery and Petrochemicals complex 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 economic growth aspirations.
In a company statement, Enoh was quoted as saying that the visit further reinforced the central role of large-scale manufacturing in the successful implementation of the Nigeria Industrial Policy, unveiled earlier this year.
Enoh said: “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 refinery has emerged as a powerful symbol of value addition, industrial competitiveness and Nigeria’s growing manufacturing capability.
“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.
The Minister 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 added.
Enoh therefore pledged his Ministry and agencies’ support for the refinery and the broader industrialisation agenda, adding that the government would 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 refinery has emerged as a powerful symbol of value addition, industrial competitiveness and Nigeria’s growing manufacturing capability.
Industrialisation of the economy
Speaking during the visit, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, urged the Federal Government to place industrialisation at the centre of its economic strategy, insisting that no nation has attained prosperity without a strong manufacturing base.
“There is no way to create jobs and prosperity without industrialisation,” Dangote said. “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.”
The industrialist revealed that Dangote Industries recently raised an unsecured and unrated bond at rates below Nigeria’s sovereign benchmark, demonstrating growing investor confidence in credible Nigerian private-sector institutions.
According to him, the successful fundraising underscores the ability of Nigerian companies to mobilise long-term capital when supported by stable and predictable government policies.
Dangote also praised Senator Enoh’s dedication to industrial development.
“We have worked with many Ministers of Industry over the years, but I can confidently say that his commitment is exceptional. His Ministry will play a critical role in attracting investment, creating jobs and driving the President’s one trillion-dollar economy agenda.”
Reflecting on his investment in the refinery, Dangote said: “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 noted that at full capacity, 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 to support indigenous investors, describing them as the country’s most important drivers of employment, foreign exchange generation 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.
