Aliko Dangote, chief executive officer (CEO) of Dangote Industries Limited, says the Dangote refinery will consume about 2.5 percent of globally traded crude oil.
Dangote spoke on Wednesday during a visit by John Enoh,
minister of state for industry, who led a delegation from the ministry on a
tour of the refinery, the Dangote Petrochemicals complex, and Dangote
Fertiliser Limited in Lagos.
He said the refinery, at full capacity, will account for the
equivalent of about 10 percent of the United States’ refining capacity and
“consume approximately 2.5 percent of globally traded crude oil”.
Dangote urged the federal government to prioritise
industrialisation, stressing that no nation has attained prosperity without
developing a strong manufacturing sector.
“There is no way to create jobs and prosperity without
industrialisation,” he said.
“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.”
The billionaire said Dangote Industries recently raised an
unsecured, unrated bond at a rate below Nigeria’s sovereign benchmark,
reflecting growing investor confidence in credible private-sector institutions
in the country.
He said the successful fundraising demonstrates that
Nigerian companies can mobilise long-term capital when supported by stable and
predictable government policies.
Dangote also commended Enoh’s dedication to industrial
development.
“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 said.
The businessman emphasised 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.
Despite challenges including the COVID-19 pandemic, foreign
exchange volatility, and skepticism from lenders, Dangote said the successful
completion of the refinery demonstrates the ability of Nigerian entrepreneurs
to deliver projects of global significance.
“What we have achieved here has never been done before on
this scale. Once one person succeeds, many others will be encouraged to
follow,” he said.
Dangote urged the government to continue supporting
indigenous investors, describing them as the country’s most important drivers
of employment, foreign exchange generation and long-term economic resilience.
“If Nigeria is to achieve sustainable growth and become a
trillion-dollar economy, industrialisation must be the foundation. Indigenous
investors remain the strongest catalysts for that transformation,” the
businessman said.
On his part, Enoh described the Dangote refinery as a
cornerstone of Nigeria’s ambition to build a $1 trillion economy.
He pledged deeper collaboration with the private sector to
accelerate industrialisation, job creation, and economic transformation.
“I brought members of my team here because I wanted them to
see firsthand what this investment represents. It has been a humbling and
enlightening experience,” the minister said.
“We leave with greater knowledge and an even stronger
commitment to supporting industrial development in Nigeria.”
Enoh added that the issues “surrounding the single-train
configuration are much clearer now”.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com