Bola Tinubu has defended his administration’s support for the Dangote Refinery, stating that Nigeria could have faced severe economic and energy difficulties without local refining capacity amid growing global tensions.
The president made the remarks on Thursday while attending the 13th Africa CEO Forum in Rwanda.
Tinubu said Nigeria’s large population and heavy dependence on petroleum products made it essential for the government to encourage domestic refining projects capable of reducing reliance on imported fuel.
“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.
According to the president, backing the refinery was a strategic move aimed at strengthening the country’s energy security and protecting Nigeria from disruptions in the global oil market.
Tinubu explained that the government deliberately supported the refinery project by granting favourable conditions and helping ensure access to crude oil supply.
“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.
His comments come at a time when rising tensions in the Middle East and insecurity around key oil-producing and shipping routes continue to create uncertainty in the global energy market.
The ongoing instability has increased concerns over crude oil supply disruptions and fluctuations in fuel prices, prompting many countries to strengthen local energy production and reduce dependence on imported refined products.
Owned by billionaire industrialist Aliko Dangote, the Dangote Refinery commenced fuel production as part of efforts to transform Nigeria’s downstream petroleum sector and end decades of fuel importation.
