Dangote to Tinubu: We Are a Multifaceted Refinery It was your idea, Naira-for- Economic Sovereignty Is Clearly Shown by Crude Policy
Dangote has attributed Tinubu’s creation of the Lekki Zone and the naira-for-crude policy to his $20 billion refinery.
The Dangote Petroleum Refinery was “in many ways, the brainchild” of President Bola Ahmed Tinubu, according to Aliko Dangote, president of the Dangote Group. Tinubu’s creation of the Lekki Free Trade Zone while he was Lagos State Governor served as the catalyst for the development of the industrial complex.
Speaking at President Tinubu’s Lekki Deep-Sea Concrete Road inauguration on Thursday, Dangote praised the administration’s “Naira-for-crude” exchange program as a daring declaration of Nigeria’s economic independence.
In addition to congratulating Your Excellency on his visit to the Dangote Refinery and Petroleum Chemicals Complex, Dangote said, “It gives me immense pleasure to commission Deep Sea, Concrete Road, and other roads which you graciously approved.”
“I must emphasize that you are largely responsible for the Dangote Petroleum Refinery Complex. This industrial complex is located in the Lekki Free Trade Zone, which was created when you were Lagos’s governor. You are seeing the material results of that vision today. You are a leader with vision.
He continued by saying that despite Tinubu’s admission that he did not foresee the size of the modern industrial center when he established the zone, the outcomes demonstrate his foresight.
“I asked you a question in the car: did you ever give this type of industrial complex much thought while you were attempting to implement the Free Trade Zone? “And you said no,” Dangote remembered. However, you are a visionary leader, so what you have witnessed today is just the start. We have only just begun.
Dangote called Tinubu’s economic reforms “historic,” praising the naira-for-crude exchange program in particular.
“The historic ‘Naira-for-crude’ policy is one of your administration’s most transformative initiatives, and it stands out as a clear testament to your commitment to national sovereignty and economic recovery,” he said.
“At Dangote Petroleum Refinery, this audacious policy has allowed us to continuously lower product prices and ensure availability for the benefit of Nigerians as a whole.”
In order to emphasize the importance of the policy’s influence, he also provided a direct comparison of gas prices throughout West Africa.
Some people would consider gasoline priced below 900 won to be pricey, however in West Africa, gas prices are always higher than $1, or 1,600. The costs of gasoline, diesel, jet fuel, LPG, and polypropylene have all stabilized to their lowest points ever thanks in large part to this program.
He claims that the wider repercussions include making company planning easier due to more stable economic conditions and bolstering the value of the naira.
“This development has the effect of stabilizing our currency, which is a crucial component of economic policy and business planning,” he stated.
Dangote also praised Tinubu’s Nigeria First policy, which prioritizes local manufacturing and patronage over imports.
He said, “Importation means exporting jobs and importing poverty.”
“Our group’s goal of generating what we consume in order to encourage self-sufficiency in satisfying our people’s fundamental requirements is in line with this policy. Everyone must abide by this policy.
“In America, they practice America First,” he continued. You are the first person in Africa to say “Nigeria First.” This is really admirable.
Noting that the Dangote Group is already making significant investments in infrastructure to support the Renewed Hope Agenda, he promised further collaboration with the federal government.
Approximately ₦900 billion would be spent by our group on eight road infrastructure projects throughout the nation. One of them is the Deep-Sea Concrete Road that you are commissioning today. In Borno State, we are also constructing highways to connect Cameroon and Chad.
Dangote emphasized the refinery’s wider effects on industrial growth and jobs.
The refinery supplies essential raw ingredients to a number of industries, including construction, packaging, pharmaceuticals, and plastics. Nigerians will be greatly employed by its operations and the larger downstream value chain, he stated.
“A large number of gas stations that had closed have reopened. Fuel lines are no longer present and never will be.
“This refinery represents what can be accomplished when the private sector and a purposeful government work together,” Dangote added, reinforcing the synergy between private entrepreneurship and purposeful leadership. And I think you are the best ally to help Nigeria become great, Mr. President.
He listed the administration’s accomplishments to date, including the elimination of subsidies, the deregulation of the petroleum industry, the unification of the naira, the CNG program, and tax reforms, and commended Tinubu’s leadership as “decisive and reassuring.”
“Everyone will visit Aso Rock to express gratitude for that policy by the time we begin implementing your revised tax regime,” he stated.
He also recognized the contribution of Tinubu’s economic team, saying, in jest, of a prominent cabinet member, “You’ve led a team of reform-minded technocrats — when I say ‘the lion,’ I think he knows himself.”
Dangote emphasized the Group’s tax commitment to the government, pointing out that they paid around ₦402 billion in taxes in 2024 alone, including corporate, health, education, and VAT taxes.
“We continue to be the highest-paying company in Nigeria,” he said.
“Mr. President, you are a very courageous leader,” he said in closing, offering a strong support of Tinubu’s leadership. Please keep up the fantastic work that you are doing.
He declared that the major road leading into the refinery will be renamed in Tinubu’s honor as a token of gratitude.
“I only have one thing to say, Mr. President. “Bola Ahmed Tinubu Road will now be the main road leading to our refinery, sir,” he said in closing.
