Our refinery was built without any government incentive – Dangote

Alhaji Aliko Dangote, President of Dangote Group, revealed on Tuesday that the Dangote Refinery was constructed without any government incentives.

Dangote made this remark during his keynote speech at the Crude Oil Refinery Owners Association of Nigeria (CORAN) Summit held in Lagos, which was themed “Making Nigeria a Net Exporter of Petroleum Products.”

Represented by Mr. Ahmed Mansur of the Dangote Group, he stressed the importance of providing incentives to investors to help the nation realise its ambition of becoming a refining hub.

He underscored the critical need to ensure adequate availability of feedstock and urged an end to the practice of mortgaging crude oil.

Dangote explained that for Nigeria to fulfil the summit’s vision of becoming a net exporter of petroleum products and achieving energy self-sufficiency, the country must develop refining capacity of up to 1.5 million barrels per day, with government support and cooperation from industry stakeholders.

He said, “To seize this opportunity, we need to build a refining capacity of 1.5 million barrels per day. This will not be an easy task, and strong government backing will be necessary to accomplish this.”

“We built the Dangote Refinery without receiving any government incentives. However, to transform Nigeria into a refining hub, it is essential to incentivise investors.”

He called for prioritising the enforcement of domestic crude supply obligations and expanding crude oil production capacity to meet the demands of new refining facilities.

Dangote commended President Bola Ahmed Tinubu’s efforts, highlighting the government’s proactive steps to expedite divestments by International Oil Companies (IOCs) and other strategic initiatives.