President Bola Tinubu said his backing for the Dangote Refinery was intended to draw greater private-sector investment into Nigeria’s economy and help expand the country’s industrial capacity.
Key takeaways
- Tinubu made the remarks on Thursday during discussions with the Nigerian Exchange Group’s board and management at the Presidential Villa in Abuja.
- He said conversations about completing the refinery took place with the late former President Muhammadu Buhari before Tinubu entered office.
- His administration launched a naira-for-crude arrangement after taking office on May 29, 2023, as part of efforts to support currency stability.
- Tinubu argued that Nigeria has the population, talent and ambition needed to build a $1 trillion economy.
Backing private investment
Tinubu recalled that he had discussed the Dangote project with Buhari before becoming president, including ways to turn the refinery into a reality. He said the two leaders ultimately identified a route for the undertaking to be advanced through private enterprise, adding that Buhari should be remembered with respect.
The president said the decision to support Aliko Dangote’s refinery reflected a broader policy objective: persuading more businesses to commit capital to Nigeria’s economy. In his account, the project demonstrated how major private-sector investment could help strengthen domestic production and economic growth.
Currency and economic ambition
After assuming office on May 29, 2023, Tinubu said his government put in place a naira-for-crude mechanism to help steady the national currency. He added that the arrangement removed the need for letters of credit and related documentation.
Tinubu also expressed confidence that Nigeria could reach a $1 trillion economic output. He said the country’s large population, capable people and willingness to pursue ambitious goals provide the foundation for achieving that target.
