President Bola Tinubu has defended his administration’s support for the Dangote Refinery, saying Nigeria could have faced a major energy crisis without local refining capacity.
Tinubu spoke on Thursday on the sidelines of the 13th Africa CEO Forum in Rwanda, where he said Nigeria’s large population and heavy dependence on petroleum products made domestic refining a matter of national survival.
The President said the ongoing global conflicts and instability in major energy corridors had shown why Nigeria must reduce its dependence on imported refined petroleum products.
Tinubu said the Federal Government’s support for the Dangote Refinery was a strategic decision aimed at strengthening Nigeria’s energy security.
He said, “Today, with the crisis around the whole world, particularly around conflict, Nigeria wouldn’t be able to survive, over 200 million people, without a refinery.”
The President added that the government had a responsibility to encourage major private investments that could reduce the country’s exposure to global supply disruptions.
‘Dangote Refinery Must Be Encouraged’
Tinubu described the refinery as a major national asset, saying its owner, Aliko Dangote, took a major business risk that deserved government backing.
He said, “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.”
The President said such support was necessary to help Nigeria build local capacity and reduce years of dependence on imported fuel.
Tinubu’s remarks came amid rising concerns over global crude supply and fuel prices as conflicts and security threats continue to affect major oil-producing regions and shipping routes.
The instability has contributed to volatility in the international energy market, forcing several countries to review their energy security strategies and seek alternatives to imported refined petroleum products.
PrimeTimes Nigeria reports that the Dangote Refinery, owned by billionaire businessman Aliko Dangote, began fuel production as part of efforts to end Nigeria’s long reliance on imported refined products.
The facility is expected to help reduce pressure on foreign exchange demand, boost local supply and strengthen Nigeria’s energy independence.
Tinubu maintained that local refining was no longer optional for a country of Nigeria’s size, stressing that the government would continue to support initiatives capable of improving energy security and economic stability.