Aliko Dangote, President of Dangote Group, on Thursday, named President Bola Tinubu as the godfather of the Dangote Refinery, for being the brainchild of the Lekki Free Trade Zone, the precursor to the project, reputed to be the world’s largest single-chain refinery.
Praising the President for taking the initiative as Governor of Lagos State, he said that the initiative gave birth to the dream of establishing the refinery, the first and only privately-owned facility in Africa, he said, such a feat qualified him to be seen as the brain-child of the project.
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. But because you are a visionary leader, what you have seen today is only the beginning. We’ve just started.
“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. This bold policy has enabled us at Dangote Petroleum Refinery to reduce product prices consistently and guarantee availability for the overall benefit of Nigerians.”
“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. The effect of this development is the stabilisation of our currency, a critical element in economic policy and business planning.”
Also lauding Tinubu’s Nigeria First policy, the African Richest Man (ARM) said he was excited that the President was thinking in the direction of Nigeria reducing reliance on imports and prioritising local production and patronage, saying: “Importation means import of poverty and export of jobs.
“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. In America, they practise America First. Here in Africa, you are the first to say Nigeria First. This is highly commendable.
“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. 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. 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. Your leadership is decisive and reassuring.
“By the time we start practising your overhauled tax regime, everyone will come to Aso Rock to thank you for that policy. You’ve directed a team of reform-minded technocrats — when I say ‘the lion,’ I think he knows himself. In 2024 alone, we paid about ₦402 billion in taxes including VAT, corporate, education, and health taxes. We remain Nigeria’s highest tax-paying company. Mr. President, you are a very courageous leader. Please continue with the great work you are doing. 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.”
