…As Dangote Refinery refinery exports jet fuel to Saudi Aramco
The Nigerian Economic Summit Group (NESG) has urged the Federal Government to prioritize support for local industries to drive sustainable economic growth and achieve the target of a $1 trillion economy. This call was made during a visit to Dangote Fertiliser Limited and the Dangote Petroleum Refinery & Petrochemicals in Ibeju Lekki, Lagos, where the refinery recently made history by successfully exporting two cargoes of jet fuel to Saudi Aramco, the world’s largest oil producer.
Commending Aliko Dangote for his vision in establishing the $20 billion refinery – the largest single-train refinery in the world – NESG Chairman Mr. Niyi Yusuf emphasized that Nigeria must attract more investments of this magnitude to reach its $1 trillion economy target.
“To achieve a $1 trillion economy, much of that must come from domestic investments,” Yusuf remarked. “I joked during the bus ride that while others are dredging to create islands for leisure, you’ve dredged 65 million cubic tonnes of sand to create a future for the country. This refinery, fertiliser plant, petrochemical complex, and supporting infrastructure are monumental. My hope is that God grants you the strength, courage, and health to realize your ambitions, and that in your lifetime, a new Nigeria will emerge.”
Yusuf further stressed that local industries are pivotal to Nigeria’s industrialization, growth of Small and Medium Enterprises (SMEs), and poverty alleviation. He noted that NESG would continue to advocate for an improved investment climate that fosters entrepreneurship, enhances development, ensures food security, and addresses the issue of insecurity.
“We’ve become a dumping ground for foreign products,” Yusuf lamented. “It’s inconceivable that a nation of over 230 million people, with an annual birth rate higher than the total population of some countries, is still dependent on imports to feed its citizens.”
He also praised Dangote’s bold vision for achieving self-sufficiency in key sectors, noting, “The NESG is grateful, and I believe the nation is as well. This refinery represents the audacity of courage. It takes immense effort to do what you’ve done and still be standing and smiling. Thank you for inspiring us and showing that nothing is impossible. You’ve transformed Nigeria from a net importer of petroleum products to a net exporter.”
Yusuf, alongside NESG board members and stakeholders, toured the Dangote refinery and fertiliser plants, lauding the level of investment, cutting-edge technology, and the role of young Nigerian engineers running world-class laboratories and central control units. He acknowledged the challenges Dangote faced and praised his perseverance in overcoming them.
In his response, Dangote emphasized the crucial role of the private sector in national development, asserting that Nigeria’s challenges can largely be addressed by providing employment opportunities for its people.
He further remarked that the concept of a free market should not be used as an excuse for continued import dependence, noting that both developed and developing countries protect their domestic industries to safeguard jobs and promote self-sufficiency.
Referring to Benin Republic’s strategy of restricting cement imports to protect local industries, Dangote highlighted how even countries close to Nigeria, like Benin, have implemented policies to protect their local industries. “The President is a personal friend, and my Ibese plant is just 28 km from Benin, yet they refuse to allow imports in order to protect their local industries,” he noted.
Dangote also pointed out that when the private sector flourishes, the government stands to benefit substantially. He shared that 52% of every naira Dangote Cement generates goes to the government, underscoring the importance of a thriving private sector in driving national prosperity.
Acknowledging the challenges of setting up industries in Nigeria, particularly the capital-intensive nature of such investments, Dangote noted that investors often bear the burden of providing essential services like power, roads, and ports, which should ideally be the responsibility of the government.
He concluded by proudly announcing a major milestone for the Dangote refinery: “We are reaching the ambitious goals we set for ourselves, and I’m pleased to announce that we’ve just sold two cargoes of jet fuel to Saudi Aramco.” Since its production began in 2024, the refinery has steadily ramped up output, now producing 550,000 barrels per day, marking a significant achievement in Nigeria’s refining capabilities.