President Buhari Officially Inaugurates $18 Billion Dangote Refinery In Lagos

President Muhammadu Buhari has officially inaugurated the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos.

The $18 billion refinery, who was commissioned on Monday, May 22, is set to propel Nigeria towards achieving self-sufficiency in refined products and even generate surplus for export.

The inauguration ceremony was graced by the presence of Heads of State from Ghana, Togo, Niger, Senegal, and a representative of the President of Chad.

President Buhari hailed the refinery as a momentous milestone for Nigeria’s economy and a game changer for the downstream petroleum products market in Africa as a whole.

Highlighting the importance of entrepreneurship and creating an enabling business environment, President Buhari emphasized that the Dangote Refinery stands as a testament to what can be accomplished when entrepreneurs are supported and empowered.

Expressing confidence in his successor, Bola Tinubu, the President expressed optimism that the momentum of economic growth and the framework of public-private partnership policies would be sustained.

Commending the leadership of Alhaji Aliko Dangote, Buhari called on other entrepreneurs to follow his example in driving economic growth and unlocking Nigeria’s immense potential.

He also stressed the significance of African nations uniting, integrating their economies, and eliminating trade barriers to achieve Agenda 2063 for the prosperity of the continent.

President Buhari underscored the need to create favorable conditions for private sector growth and collaboration with the public sector to accelerate economic development across Africa.

He also urged vigilance against external forces that may seek to disrupt the continent’s economic and political trajectory.

Recognizing the visionary investments made by the Dangote Group in critical industries such as cement and fertilizer, Buhari acknowledged their instrumental role in transforming Nigeria’s economy and transitioning the nation from heavy import reliance to a net exporter.

The inauguration of the Dangote Petroleum Refinery marks a significant turning point in Nigeria’s economic landscape, opening avenues for increased self-sufficiency, job creation, and boosting the country’s standing as a major player in the global market.

The Dangote Petroleum Refinery, with a capacity to process 650,000 barrels of oil per day (bpd), is sitting on 2,635 hectares of land located in Dangote Industries Free Zone in Ibeju-Lekki, Lagos, and will employ over 100,000 persons.

KanyiDaily recalls that Nigerian Government said that Dangote Refinery will be selling its products at the international price, when it kicks off.