Dangote Refinery will consume 2.5% of globally traded crude oil, says chairman
Chairman of the Dangote Group, Alhaji Aliko Dangote says the his refinery can contain about 2.5 percent of globally traded crude oil.
The billionaire businessman said this on Wednesday when he received the Minister of State for Industry, John Enoh, who led a delegation from the ministry on a tour of the Dangote Petrochemicals complex and Dangote Fertiliser Limited in Lagos.
Dangote said the refinery at full capacity, would account for the equivalent of about 10 percent of the United States’ refining capacity and “consume approximately 2.5 percent of globally traded crude oil.”
The business mogul urged the federal government to prioritise industrialisation, stressing that no nation has attained prosperity without developing a strong manufacturing sector.
“There is no way to create jobs and prosperity without industrialisation. 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,” he said.
The billionaire said Dangote Industries recently raised an unsecured, unrated bond at a rate below Nigeria’s sovereign benchmark, reflecting growing investor confidence in credible private-sector institutions in the country.
He said the successful fundraising demonstrates that Nigerian companies can mobilise long-term capital when supported by stable and predictable government policies.
Dangote also commended 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,” he said.
The businessman emphasised that policy consistency remains the most important factor in attracting investment, stressing that frequent policy reversals undermine investor confidence more than the absence of incentives.
Dangote noted that despite challenges, which include the COVID-19 pandemic, foreign exchange volatility, and skepticism from lenders, the successful completion of the refinery demonstrated the ability of Nigerian entrepreneurs to deliver projects of global significance.
“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 said.
The group chairman urged the government to continue supporting 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,” he said.
In response, Enoh described the Dangote refinery as a cornerstone of Nigeria’s ambition to build a $1 trillion economy.
He pledged deeper collaboration with the private sector to accelerate industrialisation, job creation, and economic transformation.
“I brought members of my team here because I wanted them to see firsthand what this investment represents. It has been a humbling and enlightening experience,” the minister said.
