President of Dangote Group, Aliko Dangote, has described the Dangote Petroleum Refinery as, “in many ways, the brainchild” of President Bola Ahmed Tinubu, citing the establishment of the Lekki Free Trade Zone during Tinubu’s tenure as Lagos State Governor as the foundational move that made the industrial complex possible.
Dangote, who spoke on Thursday during the inauguration of the Lekki Deep-Sea Concrete Road by President Tinubu, also hailed the administration’s “Naira-for-crude” exchange policy as a bold signal of Nigeria’s economic sovereignty.
“It gives me immense pleasure to welcome Your Excellency on your visit to the Dangote Refinery and Petroleum Chemicals Complex, and also to commission Deep Sea, Concrete Road, and other roads which you graciously approved,” Dangote began.
“I must emphasise that the Dangote Petroleum Refinery Complex is, in many ways, your brainchild. The Lekki Free Trade Zone, the site of this industrial complex, was established during your tenure as Governor of Lagos. Today, you are witnessing the tangible fruits of that vision. You are a visionary leader.”
He added that although Tinubu had admitted not envisioning the scale of today’s industrial hub when he initiated the zone, the results speak volumes of his foresight.
“When we were in the car, I asked you a question — did you ever really think about this kind of industrial complex when you were trying to do the Free Trade Zone? And your answer was no,” Dangote recalled. “But because you are a visionary leader, what you have seen today is only the beginning. We’ve just started.”
Dangote praised Tinubu’s economic reforms, particularly the naira-for-crude exchange policy, describing it as “historic.”
“One of your administration’s most transformative initiatives is the historic ‘Naira-for-crude’ policy, which stands out as a clear testament to your commitment to economic recovery and national sovereignty,” he said.
“This bold policy has enabled us at Dangote Petroleum Refinery to reduce product prices consistently and guarantee availability for the overall benefit of Nigerians.”
He also offered a direct comparison of petrol prices across West Africa to highlight the significance of the policy’s impact.
“Some may think that petrol at less than ₦900 is expensive, but there is nowhere in West Africa where petrol is not selling above $1 — that’s ₦1,600. This policy has also helped significantly in stabilising prices of petrol, diesel, jet fuel, LPG, and polypropylene to their lowest levels ever.”
According to him, the broader effects include strengthening the naira and enabling business planning through more predictable economic conditions.
“The effect of this development is the stabilisation of our currency, a critical element in economic policy and business planning,” he said.
Dangote also lauded Tinubu’s Nigeria First policy, which aims to reduce reliance on imports and prioritise local production and patronage.
“Importation means import of poverty and export of jobs,” he declared.
“This policy aligns with our group’s vision of producing what we consume to promote self-sufficiency in meeting the basic needs of our people. We all have to align with this policy.”
He added: “In America, they practise America First. Here in Africa, you are the first to say Nigeria First. This is highly commendable.”
He pledged continued partnership with the federal government, noting the Dangote Group is already investing heavily in infrastructure in support of the Renewed Hope Agenda.
“Our group will be expending about ₦900 billion on eight road infrastructure projects across the country. The Deep-Sea Concrete Road you’re commissioning today is just one. We are also working on roads in Borno State to link Chad and Cameroon.”
Dangote emphasised the refinery’s broader impact on employment and industrial growth.
“The refinery provides critical raw materials for several industries — plastics, pharmaceuticals, packaging, construction and more. Its operations and the broader downstream value chain will generate significant employment for Nigerians,” he said.
“Many filling stations that had shut down are now back in business. There are no more fuel queues, and there will never be again.”
Reaffirming the synergy between private enterprise and purposeful leadership, Dangote said: “This refinery symbolises what can be achieved when the private sector and a purposeful government work together. And I believe, Mr. President, you are the right partner to make Nigeria great.”
He praised Tinubu’s leadership as “decisive and reassuring,” listing the administration’s achievements so far — subsidy removal, petroleum sector deregulation, naira unification, the CNG initiative, and tax reforms.
“By the time we start practising your overhauled tax regime, everyone will come to Aso Rock to thank you for that policy,” he said.
He also acknowledged the role of Tinubu’s economic team: “You’ve directed a team of reform-minded technocrats — when I say ‘the lion,’ I think he knows himself,” he said, jokingly referring to a visible cabinet member.
Dangote highlighted the Group’s contribution to government revenue, noting that in 2024 alone, they paid about ₦402 billion in taxes including VAT, corporate, education, and health taxes.
“We remain Nigeria’s highest tax-paying company,” he stated.
He concluded with a powerful endorsement of Tinubu’s leadership: “Mr. President, you are a very courageous leader. Please continue with the great work you are doing.”
In a symbolic gesture of appreciation, he announced that the main road leading into the refinery would be renamed in Tinubu’s honour.
“Mr. President, I want to just say one thing. Sir, the main road going into our refinery is going to now be called Bola Ahmed Tinubu Road,”he concluded.
Boluwatife Enome
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