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LAGOS, Nigeria - President Bola Ahmed Tinubu has hailed the Dangote Petroleum Refinery and Petrochemicals complex as a landmark industrial initiative for Nigeria's contemporary era, recognizing it as a representation of private-sector-driven change and a vital element in the nation's economic revitalization.
This statement was made during a visit to the facility over the weekend, which coincided with the inauguration of the Deep Sea Port Access Road.
The President praised the refinery as "an extraordinary accomplishment" and "a remarkable project of our time," emphasizing its importance to Nigeria's industrial and economic advancement.
"After inspecting the Dangote Refinery, which serves as a crucial reference point, an impressive phenomenon of our time, and a significant investment, I want to express my gratitude to Aliko Dangote.
I am also delighted that the Deep Sea Port project, which I pioneered during my time as Governor of Lagos State, has proven to be a great success. It has greatly lowered logistics expenses by eliminating the requirement for trans-shipment," Tinubu stated.
Tinubu lauded Dangote Industries Limited and Hitech Construction Company Limited for the high-quality infrastructure developed under the Federal Government's Tax Credit Scheme.
He acknowledged significant figures in Nigeria's business community, naming Aliko Dangote as "the wisest of them all" and commending his bold investments and steadfast dedication to the nation. "His thinking and actions are remarkably audacious."
In response, Dangote attributed the enabling environment for industrial advancement to President Tinubu's economic reforms.
He praised the "Nigeria First Policy," stating it aligns with the Dangote Group's vision for self-sufficiency and import substitution.
"You have consistently led from the front, providing the people with the benefits of democracy. Since your inaugural speech in May 2023, where you made the brave choice to eliminate the expensive fuel subsidy, you have mobilized a team of skilled reformers with clarity and intent to carry out these changes," Dangote said. "Your leadership has been both determined and reassuring, and your actions have rekindled hope for a prosperous Nigeria."
Dangote noted that the refinery is already exporting refined products to the United States and Saudi Arabia as part of broader efforts to support the Federal Government’s Renewed Hope Agenda, aimed at establishing Nigeria as a regional manufacturing center.
He recounted how past investments from the Group had enabled Nigeria to achieve self-sufficiency in cement and fertilizer production, asserting, "The refinery will achieve the same for petroleum products. The days of long fuel queues are over."
In appreciation of President Tinubu's backing of the private sector and his contribution to conceptualizing the Free Trade Zone during his tenure as Governor of Lagos State, Dangote announced the renaming of the road leading into the refinery to Bola Ahmed Tinubu Road. Additionally, he outlined plans for further infrastructure development, including roads connecting Borno State to Chad and Cameroon, as part of a wider 500-kilometer national road network funded by the Group.
He reiterated the company's commitment to make a significant impact on Nigeria's economic transformation.
He mentioned that the president's visit acts as a validation that will inspire even more ambitious projects.
"I informed Mr. President that what he observed is merely the beginning. We are on the cusp of a significant trajectory. In five years, this refinery will pale in comparison to our future achievements."
When probed about unannounced benefits previously mentioned during an earlier ECOWAS visit, Dangote stated, "Now that the president has visited and provided us with more energy, we plan to make a major announcement next week. This will be one of the most significant changes in the country’s downstream sector."
Regarding rumors of potential price reductions, Dangote clarified: "It's not about lowering prices. It's about fundamentally reshaping the downstream."
He also confirmed intentions to list the refinery on the Nigerian Stock Exchange, stating, "The obstacle was that three test companies were not permitted to list, but the president has now approved and signed the updated SEC code."
