Aliko Dangote, Africa's wealthiest individual, stated that the Dangote Petroleum Refinery was constructed without any incentives from the federal government.
Speaking at the 2024 Crude Oil Refinery-Owners Association of Nigeria (CORAN) summit in Lagos on Tuesday, he remarked, “We built the Dangote refinery without a single incentive from the government.”
Represented by Mansur Ahmed, group executive director of Dangote Industries Ltd, Dangote emphasized the need for Nigeria to stop mortgaging its crude oil to secure future savings.
“To ensure a consistent supply of feedstock, we must cease mortgaging crude. It’s unfortunate that while countries like Norway invest their oil revenues into future funds, we in Africa are spending future oil proceeds,” Dangote explained.
He also highlighted the necessity for Nigeria to prioritize the implementation of domestic crude supply obligations and expand crude oil production capacity to meet the demands of new refining capabilities.
“The government of President Bola Ahmed Tinubu is actively working towards this by fast-tracking divestments from international oil companies and other initiatives,” he added.