Business
Nigeria To End Fuel Imports As 650,000pbd Dangote Oil Refinery Takeoff
Dangote Petroleum Refinery which commences production today, will help Nigeria transited from being the largest importer of these products to a net exporter.
Aliko Dangote, the President and CEO of Dangote Group, affirmed this during the inauguration ceremony of the plants by the outgoing President, Muhammadu Buhari, at the Lekki Free Trade Zone in Lagos.
“This project is just the beginning of a great journey, a milestone in a new and exciting trajectory for the downstream sector of Nigeria’s Oil and Gas Industry.
“It is our firm commitment that we will replicate in this sector, what we have achieved in the cement and fertilizer markets, where Nigeria transited from being the largest importer of these products to a net exporter,” said Dangote.
He disclosed that the first product of the refinery “will be in the market before the end of July, or beginning of August this year.”
He stated that given the 650,000 barrel per day processing capacity, the refinery is more than able to meet all of Nigeria’s domestic fuel consumption, which is about 450,000 barrels per day. This leaves the excess production of 200,000 bpd available for export.
” The group’s huge investment of over $18.5 billion in the oil and gas industry has been prompted by the desire to support and contribute our quota to the Federal Government’s sustained effort to transform our economy and properly position our country as the leading Nation in Africa, and a respected member among emerging economies in the world.
“Beyond today’s ceremony, our first goal is to ramp up production of the various products to ensure that within this year, we can fully satisfy our nation’s demand for high-quality products to enable us to eliminate the tragedy of import dependency and stop, once and for all, the dumping in our market of toxic sub-standard petroleum products,” he said.
He added that beyond the local market, the group intend to ensure that the plants are run at the highest capacity utilization and highest efficiency to enable us to export competitively to other markets, especially in the ECOWAS and the wider Africa Region in which 53 countries out of 55 are dependent on imports to meet their petroleum products demand.
Gratitude For Projects’ Supports
Dangote thanked President Muhammadu Buhari and Nigerians, for the immeasurable support his company got from the inception of the project to its completion.
“Well, what I want to share with Nigerians is actually to show my gratitude and that of the Dangote Group, for all the assistance that we got from the President, from the Federal Government of Nigeria, from even the President-Elect, because he also set the pace by creating the Lekki Free Trade Zone as part of his dream.
And also we want to thank Governor Fashola, Governor Ambode and Governor Sanwo-Olu; because they have given us all the assistance that we were looking for.
“We thank all Nigerians for giving us their support which is too numerous to mention,” he said.
Business
BUA Chairman Rabiu shares South Africa visa entry denial experience at Africa CEO Forum
Rabiu said the experience highlighted the difficulties Africans still face when travelling within the continent despite ongoing talks about African integration and economic cooperation.
The founder and Chairman of BUA Group, Abdul Samad Rabiu, has recounted how he was denied entry into South Africa after his visa expired a day before his trip, while European travellers were reportedly allowed into the country without visas.
Rabiu shared the experience on Thursday while speaking on “Africa at Scale: Capital, Policy and the Architecture of Growth” at the ongoing Africa CEO Forum in Kigali, Rwanda.
He said that the incident occurred in February 2025 when he travelled from Lagos to Cape Town for the Mining Indaba conference.
He said that immigration officials stopped him on arrival after discovering that his visa had expired the previous day.
Rabiu explained that he and his team spent about four hours at the airport before he was eventually returned to Lagos.
“I take full responsibility because my visa had expired and my crew failed to notice it before the trip,” he said.
However, the businessman said that he became concerned after noticing that passengers arriving on multiple flights from Europe were allowed into South Africa without visas while he, as an African, was denied entry.
“While we were waiting at the immigration desk, there were about three international flights from Europe. Most of the passengers were Europeans, and they all entered Cape Town without visas,” he said.
Rabiu said the experience highlighted the difficulties Africans still face when travelling within the continent despite ongoing talks about African integration and economic cooperation.
“I did not have a problem with being returned because I had no valid visa. My issue was being an African in Africa and being denied entry, while foreigners from other continents were allowed in freely without visas,” he said.
He called for reforms in visa and immigration policies across the continent, stressing that Africa cannot achieve meaningful economic integration while Africans continue to face barriers moving within African countries.
Business
At Africa CEO Forum, President Tinubu Highlights “Partnerships That Moves Africa Forward”
“With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward”.
President Bola Ahmed Tinubu during a panel session at the ongoing Africa CEO Forum, called for “Partnership that can move Africa forward.”
He advocated an “Africa First” approach to development, insisting that African resources should primarily benefit the continent through local processing and manufacturing.
“We don’t want scavengers and extractors. We want partners who process and manufacture locally,” said President Tinubu.
He said that his administration’s policies were positioning Nigeria as an open and competitive destination for investment.
“In Nigeria, we’ve attracted nearly $20 billion in direct investment this year because we are efficient, transparent, and open for business,” President Tinubu said.
President Tinubu attributed the inflow to reforms aimed at improving transparency, efficiency, and investor confidence in the country.
He said that Nigeria would no longer permit the export of raw minerals without local value addition, noting that the country possesses the capacity to manufacture products such as electric vehicle batteries from its mineral resources.
He said: “With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward”.
Business
Obi Meets UK Business Leaders, Advocates Stronger Support for MSMEs
Presidential hopeful of the National Democratic Congress (NDC), Mr. Peter Obi, has reiterated the critical role of micro, small, and medium-sized enterprises (MSMEs) in driving Nigeria’s economic growth and reducing unemployment.
Obi made the remarks on Tuesday following a series of meetings in London with stakeholders in British politics and the business community, including Jonathan Marland, Chairman of the Commonwealth Enterprise and Investment Council (CWEIC).
According to Obi, discussions with Lord Marland focused on prospective trade opportunities, economic advancement, and strategies for promoting small businesses across Nigeria.
Drawing comparisons with rapidly developing economies such as China, Indonesia, and Vietnam, Obi stressed that sustainable economic growth and job creation can only be achieved through deliberate support for MSMEs.
The former Anambra State governor maintained that small businesses remain the backbone of the economy and called for stronger policies aimed at boosting development and creating employment opportunities, particularly in the agriculture and manufacturing sectors.
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