NESG Urges FG- Support Local Industries to Achieve $1 Trillion Economy as Dangote Refinery Exports Jet Fuel 

 The Nigerian Economic Summit Group (NESG) has called on the Federal Government to prioritize support for domestic industries as a critical step toward achieving Nigeria’s $1 trillion economy target. 

This appeal was made during a high-profile visit by NESG executives to Dangote Fertiliser Limited and Dangote Petroleum Refinery & Petrochemicals in Ibeju Lekki, Lagos.  

The Nigerian Economic Summit Group (NESG) delegation, led by Chairman Niyi Yusuf, observing refinery operations from the world-class Central Control Unit at Dangote Petroleum Refinery & Petrochemicals.

The visit came on the heels of a groundbreaking milestone for Aliko Dangote’s $20 billion refinery, which recently exported two cargoes of jet fuel to Saudi Aramco—the world’s largest oil producer. The achievement marks a historic shift in Nigeria’s petroleum sector, as the country transitions from being a net importer to a global exporter of refined petroleum products.  

President/CEO, Dangote Group, Aliko Dangote; Vice President (Oil & Gas), Dangote Group, Mr Devakumar Edwin; Chairman, Nigerian Economic Summit Group (NESG), Mr Niyi Yusuf; and Board Member, NESG, Mr Frank Aigbogun, during the NESG delegation’s visit to Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilisers in Ibeju Lekki, Lagos, on Tuesday, 4th February 2025.

Commending  Africa’s richest man, Aliko Dangote, for his vision and resilience, NESG Chairman Niyi Yusuf emphasized that large-scale domestic investments like the Dangote Refinery, fertiliser plant, and petrochemical complex are essential for Nigeria’s economic growth.  

> “To achieve a $1 trillion economy,  much of that must come from domestic investments. I joked during the bus ride that while others are dredging to create islands for leisure, you’ve dredged 65 million cubic tonnes of sand to create a future for the country,” Yusuf stated.  

Board members, Nigerian Economic Summit Group (NESG), Mr Lanre Akinbo;  Mr. Udeme Ufot; Chairman, NESG, Mr Niyi Yusuf; President/CE, Dangote Group, Aliko Dangote; Vice President (Oil & Gas), Dangote Group, Mr Devakumar Edwin; Board Members, NESG, Mr Philip Mshelbila; Mrs Wonu Adetayo; Mr Frank Aigbogun and CEO NESG, Dr. Tayo Aduloju, during the visit of NESG delegation to Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilisers in Ibeju Lekki

He noted that industrialisation is the only sustainable path to economic development, adding that SMEs and local entrepreneurs would benefit significantly from such high-impact projects.  

Yusuf further lamented Nigeria’s heavy reliance on imports, arguing that a nation of over 230 million people should not depend on foreign products for survival.  

> “It’s inconceivable that a country with an annual birth rate higher than the total population of some nations still imports food and essential goods.”  

The NESG leadership stressed the urgent need for government policies that promote local manufacturing and protect Nigerian industries from unfair foreign competition. Yusuf urged the Federal Government, APC leadership, and key stakeholders to create an enabling environment for businesses to thrive, ensuring food security, economic diversification, and job creation.  

He also applauded Dangote’s boldness in investing billions of dollars in key sectors, despite Nigeria’s challenging business climate.  

> “This refinery represents the audacity of courage,  It takes immense effort to do what you’ve done and still be standing and smiling. You’ve transformed Nigeria from a net importer of petroleum products to a net exporter.”  

 

In response, Aliko Dangote reiterated that Nigeria’s economic growth depends on the private sector. He criticized the idea of a “free market” being used as an excuse for continued import dependence, noting that even developed nations like the U.S. and China protect their domestic industries.  

Dangote cited Benin Republic’s policy on cement imports,  highlighting how the country restricts foreign cement to boost its local production, despite its proximity to his  Ibese cement plant in Nigeria.  

> “The President of Benin is a personal friend, and my Ibese plant is just 28km away, yet they refuse to allow imports because they want to protect their local industries.”  

He emphasized that governments worldwide benefit when domestic industries flourish , revealing that 52 kobo (52%) of every naira Dangote Cement generates goes directly to the government.  

Dangote Refinery Achieves Milestone with Jet Fuel Export to Saudi Aramco

In a major breakthrough, Dangote announced that his refinery had successfully exported two cargoes of aviation fuel to Saudi Aramco.  

> “We are reaching the ambitious goals we set for ourselves, and I’m pleased to announce that we’ve just sold two cargoes of jet fuel to Saudi Aramco,” he declared.  

This milestone is particularly significant as it demonstrates that Nigeria’s refining industry is now capable of competing in global energy markets.

Since its commencement in 2024, Dangote Refinery has ramped up production to 550,000 barrels per day. positioning Nigeria as a key player in the international petroleum sector.  

The NESG believes that if Nigeria aggressively supports its domestic industries, the country can achieve its ambitious $1 trillion economy target.  

However, Yusuf stressed that this would require:  

– Consistent policies that protect local businesses.  

– Infrastructure development to reduce the high cost of setting up industries.  

– Access to financing for entrepreneurs and SMEs.  

– A commitment from the government to prioritize local production over imports.

The visit to Dangote Refinery & Petrochemicals underscored the potential of Nigerian enterprises to drive economic transformation. With the right policies and government support, industrial giants like Dangote Group could pave the way for a self-sufficient and prosperous Nigeria.  

 

 

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