Minister of State for Industry John Owan Enoh visited the 700,000‑barrel‑per‑day Dangote Refinery in Lagos on Wednesday, underscoring the plant’s importance to Nigeria’s economic agenda under President Bola Tinubu. Enoh said the refinery is a cornerstone of the country’s industrial sector and a key element in achieving the president’s $1 trillion Economy target.
“You cannot be a minister in charge of industry and not visit the Dangote Refinery,” Enoh told reporters. “This facility matters because of what it represents for Nigerian industry, for our people and for the realisation of President Bola Tinubu’s vision of a one trillion‑dollar economy.” He added that the refinery “stands today as one of the strongest demonstrations of that principle.”
During the visit, Aliko Dangote, chief executive of Dangote Industries Limited, urged the federal government to place industrialisation at the centre of its economic strategy. He noted that no nation has attained prosperity without a strong manufacturing base and praised the ministry’s commitment. “We have worked with many Ministers of Industry over the years, but I can confidently say that his commitment is exceptional,” Dangote said. “His ministry will play a critical role in attracting investment, creating jobs and driving the President’s one trillion‑dollar economy agenda.”
The refinery recently announced it had raised $2.5 billion in new equity through a private placement, a move that signals confidence from investors in the project’s long‑term viability.
The visit comes amid a wave of fuel price hikes across the country. In Abuja and its environs, petrol is currently sold between N1,300 and N1,335 per litre, while the Dangote Refinery has set its gantry price at N1,215 per litre. The lower price at the refinery reflects the plant’s ability to produce fuel at a lower cost, a benefit that could help temper inflationary pressures on the Nigerian economy.
The Dangote Refinery’s completion is widely seen as a milestone for Nigeria’s industrial development. By processing crude oil domestically, the refinery reduces the country’s reliance on imported refined products and creates a range of downstream opportunities, from petrochemicals to power generation. The project also promises to generate jobs and stimulate ancillary industries, aligning with the government’s broader strategy to diversify the economy beyond oil exports.
As Nigeria moves forward with its industrialisation plans, the refinery’s performance will be closely watched by policymakers, investors and the public. The plant’s ability to deliver on its production targets and maintain competitive pricing will be a barometer of the country’s progress toward a more resilient, diversified economy.
