The Federal Government has described Dangote Petroleum Refinery and Petrochemicals company as a cornerstone of Nigeria’s ambition to build a $1 trillion economy, promising to strengthen its collaboration with the organized private sector (OPS) to boost the nation’s industrial sector, job creation and wholistically transform the economy
The Minister of State for Industry, Trade and Investment, Sen. John Enoh, made the promise on Thursday when he led a delegation of his ministry on a tour of the 700,000 barrels-per-day Dangote Petroleum Refinery, Dangote Petrochemicals complex and Dangote Fertilizer Limited in Lagos,
Describing the Dangote Group’s 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, Enoh said the visit further reinforced the key roles of large-scale manufacturing had been playing in the implementation of the Nigeria Industrial Policy (NIP) recently launched this year.
The policy aims to increase manufacturing’s contribution to Nigeria’s Gross Domestic Product (GDP) to approximately 20 per cent by 2030 and 25 per cent by 2035.
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The minister 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.
“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.
“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 stressed
Enoh, who had in his team directors, regulators and heads of agencies under the ministry, said the delegation gained a deeper appreciation of the scale, technological sophistication and strategic importance of the facilities, noting that “it has been a humbling and enlightening experience. We leave with greater knowledge and an even stronger commitment to supporting industrial development in Nigeria.”
Dismissing public concerns being raised over the refinery’s single-train configuration, the minister clarified that the operations remained uninterrupted even during maintenance activities.
Enoh assured that the ministry and its agencies would remain strong advocates of 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.
He commended President of the Dangote Group, Aliko Dangote for supporting the launch of the NIP, describing him as Nigeria’s foremost industrialist whose contributions will be vital to achieving the country’s manufacturing targets.
The minister said: “We want to be judged by the extent to which we implement this policy. Achieving these targets will require a strong partnership between government and industry leaders like Aliko Dangote.”
Speaking during the visit, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, charged the government to prioritize industrialisation in its economic strategy, insisting that no nation has attained prosperity without a strong manufacturing base.
The industrialist explained: “There is no way to create jobs and prosperity without industrialization. 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 recalled 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, who commended the minister’s commitment to the nation’s industrial development, said: “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 emphasized 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.
Reflecting on the refinery project, Dangote described it as the biggest business risk of his life, recalling how many financiers doubted the project would ever be completed.
The industrialist pointed out that despite challenges ranging from the COVID-19 pandemic and foreign exchange volatility to skepticism from lenders, the successful delivery of the refinery demonstrated the capacity of Nigerian entrepreneurs to execute projects of global significance.
Dangote expatiated: “What we have achieved here has never been done before on this scale. Once one person succeeds, many others will be encouraged to follow.
“If Nigeria is to achieve sustainable growth and become a trillion-dollar economy, industrialization must be the foundation. Indigenous investors remain the strongest catalysts for that transformation”, he added.
