*The Nigerian Economic Summit Group urges the Federal Government to support indigenous industries to achieve the country’s $1 trillion economy target

Isola Moses | 绿帽献妻

The Dangote Petroleum Refinery recently achieved a significant milestone, as the company successfully exported two jet fuel cargoes to Saudi Aramco, the world鈥檚 largest oil producer and leading integrated oil and gas company, in Saudi Arabia.

绿帽献妻 reports Saudi Aramco is the official Saudi Arabian oil company, which is a majority state-owned petroleum and natural gas firm, as well as National Oil Company (NOC) of the Arabian country.

Dangote Industries Limited (DIL) stated Alhaji Aliko Dangote, President/Chief Executive of Dangote Group, disclosed this Tuesday, February 4, 2025, during a visit by the Nigerian Economic Summit Group (NESG) team to both Dangote Fertiliser Limited and the Dangote Petroleum Refinery & Petrochemicals, at Ibeju Lekki, Lagos.

Dangote said exporting products to the global markets, especially Saudi Aramco, was because of his refinery鈥檚 world-class standards and advanced technologies.

The President of DIL also stated: 鈥淲e are reaching the ambitious goals we set for ourselves, and I鈥檓 pleased to announce that we鈥檝e just sold two cargoes of jet fuel to Saudi Aramco.”

Since its production began in 2024, the Dangote Refinery has steadily increased its output, now reaching 550,000 barrels per day, the statement noted.

Commending Dangote for establishing the $20 billion oil-refining facility regarded as the largest single-train refinery in the world, Mr. Niyi Yusuf, Chairman of NESG, averred that Nigeria needs more investments of this calibre to reach its $1 trillion economy goal.

Yusuf said: 鈥淭o achieve a $1 trillion economy, much of that must come from domestic investments.

“I joked during the bus ride that while others are dredging to create islands for leisure, you鈥檝e dredged 65 million cubic tonnes of sand to create a future for the country.”

He also declared: “This refinery, fertiliser plant, petrochemical complex, and supporting infrastructure are monumental.

鈥淢y hope is that God grants you the strength, courage, and health to realise your ambitions and that in your lifetime, a new Nigeria will emerge.鈥�

The Chairman of NESG also emphasised that such local industries are essential to Nigeria鈥檚 industrialisation, and they would help foster the growth of Small and Medium Enterprises (SMEs).

The NESG will continue to advocate an improved investment climate to attract entrepreneurs, boost development, ensure food security, and address insecurity, Yusuf said.

The Group as well lamented that Nigeria has become a dumping ground for foreign products, and stressed that the country must support its entrepreneurs to become a global player.

He explained: 鈥淚t鈥檚 inconceivable that a nation of over 230 million people, with an annual birth rate higher than the total population of some countries, is still dependent on imports to feed its citizens.鈥�

Yusuf also praised Dangote鈥檚 bold vision for making Nigeria self-sufficient in several key sectors.

Yusuf further stated: 鈥淭he NESG is grateful, and I believe the nation is as well. This refinery represents the audacity of courage.

“It takes immense effort to do what you鈥檝e done and still be standing and smiling.

“Thank you for inspiring us and showing that nothing is impossible.”

He equally noted: “You鈥檝e transformed Nigeria from a net importer of petroleum products to a net exporter.

鈥淲e鈥檝e all read Think Big, but this is truly about thinking big. The message is clear: the private sector can bring about real change.鈥�

Yusuf, alongside NESG board members and stakeholders, toured the refinery and fertiliser plants, lauding the level of investment, technology, and sophistication of young Nigerian engineers running world-class laboratories and central control units.

He acknowledged Dangote’s perseverance and success in overcoming numerous challenges.

Dangote, in his response, reiterated the importance of the private sector in national development, asserting that Nigeria鈥檚 challenges could largely be overcome by providing gainful employment to its people.

He stated that the concept of a free market should not be used as a pretext for continued import dependence, highlighting that both developed and developing nations, including the USA and China, actively protect their domestic industries to safeguard jobs and promote self-sufficiency.

Dangote also cited the example of the Benin Republic, where cement imports are restricted as part of a deliberate strategy to protect local industries, despite the proximity of his Ibese plant.

The President of DIL remarked: “The President (Beninoise) is a personal friend, and my Ibese plant is just 28km from Benin. Yet, they refuse to allow imports to protect their local industries, most of which are grinding plants.”

Dangote emphasised that the government stands to gain substantially, when the private sector flourishes.

According to him, 52 Kobo (52%) of every Naira Dangote Cement generates goes to the Nigerian Government.

The Chief Executive of Dangote Group noted the significant challenges involved in setting up industries in Nigeria, particularly the substantial capital investment required due to the lack of infrastructure.

Dangote also stressed that investors are often forced to take on responsibilities for essential services, such as power, roads, and ports, which are services that should be provided by the government.

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