Says 650,000bpd refinery a landmark project of our period
•Africa’s wealthiest man commends president’s economic reforms
Peter Uzoho
President Bola Ahmed Tinubu has hailed the creator of the Dangote Group, AlhajiAlikoDangote, for his continuous dedication to Nigeria and for making daring investments that have become a cornerstone in the country’s economic development.
Tinubu also characterized the 650,000 barrels per day Dangote Petroleum Refinery, renowned as the world’s biggest single-train oil refinery as “a defining project of our time.”
The president revealed this last Thursday, during a high-profile visit of the Dangote Petroleum Refinery and Petrochemicals complex, and the opening of the Deep Sea Port Access Road, at the Lekki Free Trade Zone, Lagos State.
In his keynote speech at the occasion, the Nigerian leader lauded the refinery as “a remarkable achievement,” calling it “a phenomenal project of our time” and “a major point of reference for Nigeria’s industrial and economic growth.”
According to a statement published yesterday by the Dangote Group, Tinubu was claimed to have stated at the occasion that, “Having inspected the Dangote Refinery, which is a great point of reference, a great phenomenon of our time, and a massive investment, I want to thank AlikoDangote.”
The president said, “I am also pleased that the Deep Sea Port project, which I initiated during my tenure as Governor of Lagos State, has become a resounding success. It has greatly reduced logistical costs by removing the requirement for trans-shipment.”
He also complimented the quality of infrastructure produced under the federal government’s Tax Credit Scheme, notably commending Dangote Industries Limited and its subcontractor, Hitech Construction Company Limited, for the construction of the port access road.
In a moment of appreciation, Tinubu characterized Dangote as the smartest intellect in Nigeria’s economic landscape, highlighting his far-reaching investments and continuous dedication to the nation.
“I landed here with four wise men. I would say smart men,” Tinubu said. “Jim Ovia of reputable Zenith Bank, who has been acknowledged worldwide. Femi Otedola, my baby brother. SamadRabiu of BUA. And I believe the smartest of them all, AlhajiAlikoDangote, who is so brave in thinking, acting, and believing in his country,” the president said.
In his comments, Dangote praised the good effect of Tinubu’s economic policies, applauding recent changes for promoting a more suitable climate for industrial development and long-term investment.
He also expressed gratitude for President Tinubu’s ‘Nigeria First Policy’, which intends to drastically decrease dependency on foreign products and services by emphasizing local content in investment choices, corporate operations, and consumer behavior.
The billionaire businessman stated that this approach matches neatly with the Dangote Group’s corporate objective of producing what the country consumes and developing self-sufficiency to fulfill the fundamental requirements of Nigerians.
“You have led from the front, delivering the dividends of democracy to the people. From your first speech in May 2023 – when you announced the daring choice to abolish the expensive gasoline subsidy – you have instructed a team of technocrats and reform-minded specialists with clarity and purpose to accomplish these changes. Your leadership has been both resolute and comforting, and your actions have sparked optimism for a thriving Nigeria,” Dangote stated.
He also applauded the administration’s considerable advancements in national infrastructure via measures such as the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.
He emphasized that under these programs, eight key roads – including the Lekki-Epe corridor – had been granted within the same cluster at a collective cost of N900 billion.
According to Dangote, the petroleum refinery is one of many strategic efforts by the Dangote Group in support of the Federal Government’s Renewed Hope Agenda, which intends to reposition Nigeria as a regional manufacturing powerhouse.
“Our objective is to produce domestically those goods that have historically been imported, despite our abundant natural resources. It is on record that our investment in cement manufacture made Nigeria self-sufficient in that area, stopping cement imports and converting the nation into a net exporter.
“We achieved the same in fertiliser production as Nigeria is now self-sufficient and exports the surplus, thereby generating valuable foreign exchange. We have also initiated shipment of refined petroleum products to numerous nations, including the United States and Saudi Arabia, among others,” he added.
Dangote observed that the refinery provides enormous advantages to the Nigerian economy and its people, forcefully proclaiming that the days of lengthy gasoline lineups are ended in Nigeria.
He underlined that the Dangote Petroleum Refinery and Petrochemicals Complex serves as a symbol not just of visionary accomplishment but also of the great potential reached when private sector combines with purposeful government leadership.
“We remain steadfast in our commitment to contributing meaningfully to Nigeria’s economic transformation, supporting your administration’s efforts to build a self-reliant, globally competitive nation. We have remained Nigeria’s largest tax paying firm. With continuous cooperation and common commitment, we are optimistic that the path ahead will bring in even bigger prospects for our people and our country,” Dangote stated.
He also announced that the road leading to the state-of-the-art Dangote Petroleum Refinery & Petrochemicals would be named Bola Ahmed Tinubu Road, in honour of the Nigerian president for his unwavering support of the private sector and credited him as the visionary behind the Free Trade Zone during his tenure as Governor of Lagos State.
“The Dangote refinery complex is, in many ways, your brainchild,” Dangote told the President.
“Mr. President, let me just say one thing — the main road leading into our refinery is now to be known as Bola Ahmed Tinubu Road”, Dangote stated.
He also highlighted that despite paying N450 billion in taxes last year, the Group was committed to investing N900 billion on road projects throughout Nigeria.
According to Dangote, the Deep Sea Port Access Road was “one of eight major road projects totalling 500 kilometres, including two in Borno State that will eventually link Nigeria to both Chad and Cameroon.”
Dangote congratulated the president for conceiving and delivering the Lekki Deep Sea Port project and assured him of the private sector’s support for developing infrastructure nationally