President Bola Tinubu has defended his administration's strategic decision to back the Dangote Refinery, describing it as a vital move for national stability. Speaking at the 13th Africa CEO Forum in Rwanda on Thursday, the president classified Aliko Dangote as a bold risk-taker whose industrial efforts required direct government intervention and support.
Tinubu argued that the sheer size of the Nigerian population makes domestic fuel production a matter of survival rather than just an economic choice. He noted that Nigeria would have faced severe hardship given the current state of global geopolitical conflicts without such local capacity.
The president explained that the government decided to step in to ensure the country is not entirely dependent on foreign markets. He pointed out that instability in international shipping routes and oil-producing regions has made global energy markets unpredictable. By fostering local refining, Nigeria aims to shield its citizens from price shocks and supply chain disruptions currently affecting many other nations.
Encouraging Local Industrial Risk Takers
President Tinubu described the refinery's founder, Aliko Dangote, as a bold entrepreneur who deserved the full cooperation of the state. He clarified that his support involved practical measures to ensure the facility could operate effectively within the country.
These actions included granting specific licenses and helping the refinery secure the raw materials needed to begin full-scale production of various petroleum products.
"A risk-taker like the Dangote Refinery must be encouraged by the government in power. What I did was support him, give him free trade for his own licence, and support him in his efforts to source the crude that is necessary. Today, he is the exporter of both the PMS, aviation fuel," he added.
Strengthening National Energy Security Strategy
Global oil markets are currently experiencing significant volatility due to tensions in the Middle East. This instability has forced many governments to rethink their energy policies and prioritize local production.
For Nigeria, the operational success of this refinery is expected to reduce the heavy demand for foreign exchange and put an end to the era of total reliance on imported petrol. The president maintained that his role was to provide the enabling environment for such a massive project to succeed.
He believes that the ability to export refined products like aviation fuel and petrol now places Nigeria in a stronger position on the continent. This strategic shift is intended to provide a long-term solution to the energy challenges that have hindered the nation for decades.
Earlier, it was reported that Aliko Dangote had accused the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, of spending more than $5 million to finance the secondary education of his four children in Switzerland. In a statement signed by Dangote, he accused Ahmed of living beyond his legitimate means.
