The President of Dangote Group, Aliko Dangote, has reaffirmed his determination to continue fighting for the survival of his $20 billion refinery, despite the obstacles being faced.
In a statement during an investor forum in Lagos on Friday, Dangote expressed his resolve to overcome the obstacles facing the 650,000 barrels per day refinery situated in Lekki, Lagos.
The refinery has been subjected to various challenges, with Dangote blaming certain powerful individuals and groups for attempting to sabotage the project.
Dangote highlighted that these groups, who have profited for years from government-subsidised oil imports into Nigeria, were opposed to the functioning of his refinery.
He further claimed that these groups had funded efforts to resist President Bola Tinubu’s removal of petrol subsidies, which he said posed a threat to their financial interests.
“They are opposed to the refinery operating easily in the country,” Dangote said, but he remained confident in his ability to win the ongoing struggle.
“We’re fighting, and the fight is not yet finished. But I have been fighting all my life, and I am ready and 100 percent sure I will win at the end of the day,” he added.
Despite the challenges, Dangote expressed optimism about the future of the refinery, stating that he would not back down.
“We’ll get there,” he assured, reflecting on his firm belief in the refinery’s importance not just for Nigeria but for the sub-region and the entire continent of Sub-Saharan Africa.
The refinery, which began petrol production in September 2024, is expected to help reduce Nigeria’s reliance on costly imported refined fuel. However, Dangote has repeatedly mentioned the efforts of powerful groups to thwart the project.
He noted, “In a system where, for 35 years, people are used to counting good money, and all of a sudden, they see that the days of counting that money have come to an end, you don’t expect them to pray for you.”
Further complicating matters, Dangote’s Vice President of Oil and Gas, Devakumar Edwin, accused international oil companies (IOCs) in Nigeria of deliberately frustrating the refinery’s ability to purchase local crude.
He claimed that the IOCs were hiking the cost of crude oil, thereby forcing Dangote’s refinery to import it from other countries, increasing operational costs.
Edwin also criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for indiscriminately granting licenses to marketers to import substandard refined products.
This, he said, is part of an effort to maintain Nigeria’s dependence on imported refined products while IOCs continue to benefit from exporting raw materials.
Dangote’s refinery is viewed as a critical step toward Nigeria’s self-sufficiency in refined products, reducing its reliance on costly imports.
Despite the hurdles, the refinery’s entry into the market has already had a positive impact, pushing down the pump prices of refined products, although retailers have expressed concerns over their losses.
