Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited, has described the development of the 700,000-barrels-per-day Dangote Petroleum Refinery as the biggest business risk of his career, saying many financiers doubted the project would ever be completed.
Dangote made the remarks on Wednesday while receiving the Minister of State for Industry, John Enoh, and senior officials from the Federal Ministry of Industry during a tour of the refinery, petrochemicals complex and Dangote Fertiliser Limited in Lagos.
According to him, the refinery overcame multiple challenges, including the COVID-19 pandemic, foreign exchange volatility and widespread scepticism from financial institutions before commencing operations. He said the successful delivery of the project demonstrates that Nigerian entrepreneurs can execute world-class industrial investments despite difficult operating conditions.
"What we have achieved here has never been done before on this scale. Once one person succeeds, many others will be encouraged to follow," Dangote said.
He noted that, at full production, the refinery would account for roughly 10 per cent of the United States' refining capacity while consuming about 2.5 per cent of globally traded crude oil. He urged the Federal Government to sustain policies that support indigenous investors, describing local businesses as the country's strongest drivers of employment, foreign exchange generation and long-term economic growth.
Dangote also disclosed that his conglomerate recently raised funds through an unsecured, unrated bond issued at a yield below Nigeria's sovereign benchmark, which he said reflected growing investor confidence in credible Nigerian businesses operating under predictable government policies.
"There is no way to create jobs and prosperity without industrialisation. When local investors thrive, they send a powerful signal that the environment is conducive for investment," he added.
Speaking during the visit, Enoh described the refinery as a strategic national asset that aligns with the Federal Government's Nigeria Industrial Policy, which aims to increase manufacturing's contribution to Gross Domestic Product to about 20 per cent by 2030 and 25 per cent by 2035.
"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," Enoh said.
The minister said the refinery has transformed Nigeria from a major importer of refined petroleum products into an exporter, noting that the facility supplied products to international markets, including the Middle East, during periods of global supply disruption. He also dismissed concerns over the refinery's single-train configuration, stating that production continued even during scheduled maintenance.
Enoh said the Federal Government would continue engaging Dangote Industries through the Industrial Revolution Work Group and ministerial consultations, particularly on addressing manufacturers' long-standing concerns over access to affordable long-term financing.
He further praised Dangote's contribution to Nigeria's industrial development, while Dangote commended the minister's commitment to advancing industrialisation, describing his support for the sector as exceptional compared with previous administrations.
The Dangote Refinery, one of the world's largest single-train refining facilities, has become a cornerstone of Nigeria's strategy to strengthen domestic refining capacity, reduce dependence on imported petroleum products and expand industrial output as the country pursues broader economic diversification.