Backing Dangote's refinery was a deliberate move, says Tinubu

n n

President Bola Tinubu has defended his administration’s support for the Dangote Refinery, saying Nigeria could have faced a major crisis amid current global conflicts without local refining capacity.

n

The remarks were made on Thursday on the sidelines of the 13th Africa CEO Forum in Rwanda.

n

Tinubu said the country’s large population and dependence on petroleum products made it imperative to support domestic refining initiatives such as the Dangote refinery.

n

“Today, with the crisis around the whole world. particularly around conflict, Nigeria wouldn’t be able to survive, over 200 million people, without a refinery,” he said.

n

He added that supporting the refinery was a strategic decision aimed at strengthening Nigeria’s energy security and reducing dependence on imported fuel.

n

“A risk-taker like the Dangote Refinery must be encouraged by the government in power. What I did was support him, give him free trade for his own licence, and support him in his efforts to source the crude that is necessary. Today, he is the exporter of both the PMS, aviation fuel,” he added.

n

The remarks come amid heightened tensions in the Middle East, where ongoing conflicts and security threats around major oil-producing and shipping routes have continued to raise concerns over global crude supply and fuel prices.

n

The instability has contributed to volatility in the international energy market, with several countries reviewing energy security measures and seeking to reduce dependence on imported refined petroleum products.

n

The Dangote refinery, owned by billionaire businessman Aliko Dangote, began fuel production amid efforts by the Federal Government to end decades of dependence on imported refined products.

n

The facility has been projected to significantly reduce pressure on foreign exchange demand and strengthen Nigeria’s energy independence.

n n