President Bola Ahmed Tinubu defended his administration’s support for the Dangote Refinery. He described the decision as strategic and essential for Nigeria’s energy security. Tinubu made the remarks on Wednesday amid ongoing global conflicts that disrupted oil supplies.
President Bola Ahmed Tinubu explained that Nigeria could have faced a major crisis without local refining capacity. He stressed that the refinery helped the country reduce dependence on imported fuel. Moreover Tinubu added that supporting the project strengthened national resilience during periods of high global demand and supply instability.
The Dangote Refinery, located in Lekki, Lagos, boasts a capacity of 650,000 barrels per day. It ranks as the world’s largest single train refinery. The facility began operations in recent years and gradually increased crude processing.
President Bola Ahmed Tinubu’s government implemented the naira-for-crude policy. This initiative enabled the Nigerian National Petroleum Company Limited to supply crude oil to the refinery in local currency. Furthermore, the administration offered other forms of backing to ensure steady operations.
Tinubu stated that the support represented a deliberate choice. He noted it positioned Nigeria better to handle external shocks in the energy market.
The president spoke as global tensions, including conflicts in the Middle East, affected oil prices and availability. He maintained that local refining capacity served as a buffer against such volatility. In addition, the refinery contributed to efforts aimed at industrial growth and self-sufficiency.
Aliko Dangote, president of Dangote Group, welcomed the federal government’s continued partnership. The refinery continued to ramp up production and supplied petroleum products to the domestic market.
