Alhaji Aliko Dangote, President of Dangote Group, stated on Tuesday that the Dangote Refinery was built without any government incentives. He made this announcement during his keynote address at the Crude Oil Refinery Owners Association of Nigeria (CORAN) Summit held in Lagos, which was themed “Making Nigeria a Net Exporter of Petroleum Products.”
Represented by Mr. Ahmed Mansur, Dangote emphasized the need for investor incentives to help Nigeria realize its vision of becoming a refining hub. He highlighted the importance of ensuring adequate feedstock availability and called for an end to the practice of mortgaging crude oil.
Dangote remarked, “It is unfortunate that while countries like Norway are investing oil proceeds into a future fund, we in Africa are spending our future earnings.” He stressed the necessity of implementing domestic crude supply obligations and expanding crude oil production capacity to meet the demands of new refining facilities.
Additionally, he commended President Bola Ahmed Tinubu for the government’s proactive measures to accelerate divestments by International Oil Companies (IOCs) and other initiatives aimed at enhancing the country’s refining capacity.
Despite being Africa’s largest crude oil producer, Nigeria has historically depended on imports to satisfy its refined petroleum product needs. Dangote expressed optimism that Nigeria is on the verge of transitioning from a “net importer” to a “net exporter” of refined products, positioning itself as a key player in the global downstream trade.