The President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, says the Dangote Petroleum Refinery will consume about 2.5% of globally traded crude oil when it reaches full production capacity.
Dangote made the disclosure during a visit by the Minister of State for Industry, Senator John Owan Enoh, and officials from the Federal Ministry of Industry to the integrated industrial complex in Lagos, which houses the 700,000-barrels-per-day refinery, petrochemical plant and fertilizer facility.
He described the refinery as the biggest investment risk of his career, recalling that many financiers initially doubted the project would be completed. Despite setbacks, including the COVID-19 pandemic, foreign exchange challenges and financing constraints, Dangote said the successful completion of the refinery demonstrates that Nigerian companies can execute projects of global scale.
According to him, the refinery’s full production capacity is equivalent to about 10% of the United States’ refining capacity and will consume roughly 2.5% of crude oil traded worldwide.
Dangote called on the Federal Government to make industrialisation a key pillar of its economic agenda, arguing that sustainable job creation and economic prosperity can only be achieved through a strong manufacturing sector. He also said successful local businesses help attract foreign investment by proving that the country’s business environment can support major projects.
The businessman further revealed that Dangote Industries recently raised an unsecured and unrated bond at rates below Nigeria’s sovereign benchmark, which he said reflects increasing investor confidence in credible Nigerian private-sector institutions. He stressed that stable and predictable government policies are essential to attracting long-term investments.
Dangote added that Nigeria’s ambition of building a $1 trillion economy would depend largely on expanding its industrial base, with indigenous investors playing a leading role.
Also speaking during the visit, Minister of State for Industry, Senator John Owan Enoh, described the refinery as one of Africa’s most significant industrial investments. He said the project supports the Federal Government’s drive to accelerate industrialisation, create jobs and transform the economy through increased local value addition.
