President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, says the Dangote Petroleum Refinery will consume about 2.5 percent of globally traded crude oil when it reaches full production capacity.
Dangote made the disclosure on Wednesday while receiving the Minister of State for Industry, John Enoh, and officials from the Federal Ministry of Industry during a tour of the Dangote Refinery, Dangote Petrochemicals Complex, and Dangote Fertiliser Limited in Lagos.
According to the billionaire businessman, the refinery’s processing capacity is equivalent to about 10 percent of the total refining capacity in the United States, making it one of the world’s largest single-train refineries.
“At full capacity, the refinery will consume approximately 2.5 percent of globally traded crude oil,” Dangote said.
He urged the Federal Government to place greater emphasis on industrialisation, arguing that no country can achieve lasting economic prosperity without a strong manufacturing sector.
“There is no way to create jobs and prosperity without industrialisation,” he stated.
Dangote also said successful local businesses serve as the strongest attraction for foreign investors, noting that thriving indigenous companies demonstrate confidence in Nigeria’s investment climate.
He revealed that Dangote Industries recently raised an unsecured, unrated bond at an interest rate below Nigeria’s sovereign benchmark, describing it as evidence of growing investor confidence in credible Nigerian businesses.
According to him, the achievement shows that local companies can access long-term funding when government policies remain stable and predictable.
Dangote praised John Enoh for his commitment to promoting industrial development, saying the ministry has an important role to play in attracting investments and supporting the Federal Government’s $1 trillion economy agenda.
He stressed that policy consistency remains one of the biggest factors investors consider before committing capital, warning that frequent policy changes discourage investment more than the absence of incentives.
Despite challenges such as the COVID-19 pandemic, foreign exchange volatility and doubts from financiers, Dangote said completing the refinery proves that Nigerian entrepreneurs can successfully deliver projects of global scale.
“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.
The business mogul called on the government to continue supporting indigenous investors, describing them as key drivers of job creation, foreign exchange earnings and long-term economic growth.
In his remarks, Minister of State for Industry, John Enoh, described the Dangote Refinery as a major pillar of Nigeria’s ambition to build a $1 trillion economy.
He also pledged stronger collaboration between the government and the private sector to accelerate industrialisation and economic development.
“It has been a humbling and enlightening experience. We leave with greater knowledge and an even stronger commitment to supporting industrial development in Nigeria,” Enoh said.
Source: Dangote Industries Limited.
