President/CEO, Dangote Group, Aliko Dangote; Vice President (Oil & Gas), Dangote Group, Mr Devakumar Edwin; Chairman, Nigerian Economic Summit Group (NESG), Mr Niyi Yusuf; and Board Member, NESG, Mr Frank Aigbogun, during the NESG delegation’s visit to Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilisers in Ibeju Lekki, Lagos, on Tuesday, 4th February 2025.
In a groundbreaking achievement, Dangote Petroleum Refinery has successfully exported two cargoes of jet fuel to Saudi Aramco, marking a significant milestone for Nigeria’s industrial sector. This development underscores the refinery’s world-class standards and its growing role in the global energy market.
The announcement was made by Aliko Dangote, President of the Dangote Group, during a visit by the Nigerian Economic Summit Group (NESG) to the Dangote Fertiliser Limited and the Dangote Petroleum Refinery & Petrochemicals complex in Ibeju-Lekki, Lagos. Dangote credited the refinery’s advanced technology and high-quality production for enabling such international trade.
“We are reaching the ambitious goals we set for ourselves, and I’m pleased to announce that we’ve just sold two cargoes of jet fuel to Saudi Aramco,” Dangote stated.
Since commencing production in 2024, the $20 billion Dangote refinery—hailed as the world’s largest single-train refinery—has steadily increased its output, now refining 550,000 barrels per day.
NESG Advocates Stronger Support for Local Industries
NESG Chairman, Mr. Niyi Yusuf, praised the refinery’s contribution to Nigeria’s economic aspirations, emphasizing the urgent need for similar investments to drive the country toward a $1 trillion economy.
“To achieve a $1 trillion economy, domestic investments like this must take the lead. While some nations are dredging for leisure, you dredged 65 million cubic tonnes of sand to create a future for Nigeria. This refinery, alongside the fertiliser plant, petrochemical complex, and supporting infrastructure, is a national asset,” Yusuf stated.
He stressed that fostering industrial growth is critical to empowering Small and Medium Enterprises (SMEs) and strengthening Nigeria’s economy. The NESG, he affirmed, would continue advocating for policies that create an enabling environment for entrepreneurs, reduce import dependence, and address national challenges such as food insecurity and unemployment.
“It is inconceivable that a country with over 230 million people still relies on imports for basic needs. Supporting domestic industries is not just an economic strategy—it’s a necessity for national survival,” Yusuf added.
Commending Dangote’s bold vision, he remarked, “This refinery is a testament to courage. You have transformed Nigeria from a net importer of petroleum products to a net exporter. Your resilience is inspiring, proving that private sector investment can drive real change.”
Dangote: Private Sector Must Lead Industrial Development
Responding to the NESG delegation, Dangote reiterated that Nigeria’s economic transformation depends on empowering the private sector. He challenged the misconception that a free market means allowing unchecked imports, pointing out that leading economies, including the U.S. and China, actively protect their local industries to secure jobs and economic stability.
He cited the example of Benin Republic, where cement imports are restricted to safeguard local production. “The President of Benin is a personal friend, and my Ibese plant is just 28km away, yet they restrict cement imports to protect their industries. This is a lesson for Nigeria,” he noted.
Dangote further highlighted the immense challenges involved in setting up large-scale industries in Nigeria. The lack of infrastructure, he explained, forces investors to shoulder the burden of providing power, roads, and port facilities—services that should ideally be government responsibilities.
Despite these hurdles, Dangote remains committed to reducing Nigeria’s dependence on imports and ensuring the country’s economic growth is driven by local production. He emphasized that when businesses thrive, the government also benefits, revealing that 52 kobo of every naira generated by Dangote Cement goes directly to government revenue.
As Nigeria looks to achieve its $1 trillion economy goal, industry leaders like Dangote continue to demonstrate that bold investments and strategic industrial policies are the key to economic self-sufficiency and global competitiveness.
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