By Francis Ajuonuma
The Federal Government on Wednesday identified the Dangote Petroleum Refinery as one of the critical pillars of President Bola Tinubu’s plan to build a $1 trillion economy, pledging closer collaboration with the private sector to accelerate industrialisation, expand manufacturing capacity and create sustainable jobs.
Minister of State for Industry, Senator John Owan Enoh, made the declaration after leading a high-powered delegation from the Ministry of Industry on an inspection of the 650,000 barrels-per-day Dangote Petroleum Refinery, Dangote Petrochemicals Complex and Dangote Fertiliser Limited in Lagos.
Describing the integrated industrial complex as one of Africa’s biggest industrial investments, Enoh said facilities of such scale are indispensable to achieving the Federal Government’s economic diversification and manufacturing agenda.
According to him, the refinery exemplifies the type of large-scale private investment required to implement the Nigeria Industrial Policy launched earlier this year and reposition the country as a leading industrial economy.
“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, our people and the realisation of President Bola Tinubu’s vision of a one trillion-dollar economy.”
The minister said the refinery has become a symbol of Nigeria’s growing capacity to process its own resources, create value locally and compete in global manufacturing.
He argued that countries earn greater economic influence by exporting finished products rather than raw materials, noting that the refinery demonstrates Nigeria’s potential to move up the industrial value chain.
“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.”
Enoh further stated that the project has altered Nigeria’s position in the global petroleum market by reducing dependence on imported refined products while opening new export opportunities.
He recalled that during recent disruptions in global fuel supply, Nigeria was able to export refined petroleum products to international markets, including the Middle East, describing the development as a major milestone for the country’s energy sector.
The minister said members of his delegation left the facility with a deeper appreciation of its technological sophistication, operational scale and strategic importance to Nigeria’s industrial ambitions.
He also dismissed concerns over the refinery’s single-train configuration, explaining that scheduled maintenance had not disrupted production.
Pledging sustained government support, Enoh said the ministry would continue engaging Dangote Industries Limited through the Industrial Revolution Work Group and ministerial roundtables to address challenges confronting manufacturers, particularly access to affordable long-term financing.
He commended President of Dangote Industries Limited, Aliko Dangote, for supporting the implementation of the Nigeria Industrial Policy, which targets raising manufacturing’s contribution to Gross Domestic Product (GDP) to 20 per cent by 2030 and 25 per cent by 2035.
“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, Dangote said industrialisation remains the surest path to economic prosperity, insisting that no country has created lasting wealth or employment without developing a strong manufacturing base.
“There is no way to create jobs and prosperity without industrialisation. The greatest attraction for foreign investors is the success of domestic investors.”
He disclosed that Dangote Industries recently raised an unsecured and unrated bond below Nigeria’s sovereign benchmark, describing the development as evidence that investors are increasingly willing to back credible Nigerian companies despite prevailing economic headwinds.
According to him, stable and predictable government policies remain essential for attracting long-term investment, warning that inconsistent policy decisions discourage investors more than the absence of incentives.
Dangote praised Enoh’s commitment to industrial development, saying the ministry would play a pivotal role in driving investment, expanding manufacturing and supporting the administration’s trillion-dollar economy target.
Reflecting on the refinery project, the industrialist described it as the biggest commercial gamble of his career, recalling widespread scepticism among lenders who doubted the project could be completed.
