“We built the Dangote refinery without a single incentive from the government,” ~ Aliko Dangote

The Dangote group.has said that the construction of their $20 billion company was done solely built by them without government incentives.

The company made the revelation today at the Crude Oil Refinery-Owners Association of Nigeria (CORAN) Summit themed, “Making Nigeria a Net Exporter of Petroleum Products” in Lagos.

“We built the Dangote refinery without a single incentive from the government,” Aliko Dangote, president of Dangote Group who was represented by Mansur Ahmed, executive director, of Dangote Group said on Tuesday at the refining summit.

Ahmed explained, “To achieve the vision of turning Nigeria into a refining hub for the region, investors need to be incentivised”.

The refinery that has capacity of 650,000 barrels a day was commission on 2023 by formal President Buhari, maintains that the success of building the refinery which is the largest in Africa was based on private capacity.

Ahmed said: “To ensure sufficient feedstock availability, we will need to stop mortgaging crude. We will also need to prioritise implementation of the Domestic Crude Supply obligations.

“We will need to expand crude production capacity to support demand from the new refined capacity. The government of President Bola Tinubu is taking active steps to achieve this through fast-tracking the IOC divestment and other initiatives.

“Global developments in the petroleum sector, particularly in Europe, will disrupt historical trade flows to refined petroleum products in Africa. Nigeria is uniquely positioned to take advantage of this opportunity and be a formidable player in the global oil industry.”

Following the announcement by the federal government that the Dangote refinery will be distributing 650,000 per day and would commmence with an initial 25 million litres a day.