NewStats: 3,261,674 , 8,174,728 topics. Date: Friday, 30 May 2025 at 04:44 AM 6m1k2e

Nigerian billionaire and Chief Executive Officer of the Dangote Refinery, Aliko Dangote, has disclosed that his $20 billion refinery was built without receiving any incentives from the Federal Government.

He, however, noted that the FG needs to provide incentives to investors to make Nigeria a top refining hub.

“We built the Dangote Refinery without a single incentive from the government. However, to achieve the vision of turning Nigeria into a refining hub, investors need to be incentivised,” Dangote, who was represented by the company’s Group Executive Director, Mr Mansur Ahmed, stated this on Tuesday at the inaugural edition of the Crude Oil Refiners Association Summit, with the theme, ‘Making Nigeria A Net Exporter of Petroleum Products.’

He called for the implementation of the Domestic Crude Supply Obligation as enshrined in the Petroleum Industry Act 2021, in a bid to ensure sufficient feedstock availability for local refineries.

He said, “It is unfortunate that while countries like Norway are putting oil proceeds into a future fund, in Africa, we are spending oil proceeds from the future. We will also need to prioritise the implementation of the domestic crude supply obligations.

“We will need to expand our crude oil production capacity to demand from new refining capacity,” adding that this can be achieved by building “1.5 million barrels per day of refining capacity. This will not be an easy feat and strong government will be required to achieve this.”

“The government of President Bola Tinubu is taking active steps to achieve this through fast-tracking IOC divestments and other initiatives,” he added.



It was reported that the supply of crude oil in naira to the 650,000 barrels-per-day refinery by the Nigerian National Petroleum Company Limited is to last for six months in the first instance, pending a further review by the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency.

Multiple sources from the committee and the Dangote refinery confirmed on Monday that the naira-for-crude deal would last six months in the first phase because crude oil, being an international product, is priced in dollars.

The billionaire stressed the significance of Nigeria’s crude oil exportation, saying such is capable to generate more revenue for the government.

He added, “As a vibrant exporter of refined products, Nigeria will witness an improvement in its balance of trade and generate the much-needed foreign currency. Nigeria’s potential as a refining hub is clearly not in doubt, let’s work together to make it happen.

“Nigeria and Africa can become completely self-sufficient and we can keep all the value on our shores. We have done it in Cement, and we can certainly do it for petroleum products.

“It is worth noting that the Dangote refinery already produces sufficient diesel and jet fuel to meet Nigeria’s demand.”

The FG, through the Minister of Aviation and Aerospace Development, Festus Keyamo, on Tuesday, said the Dangote Refinery had been approved as the exclusive supplier of jet fuel for Nigeria’s airline operators.

https://punchng.com/africa-spending-oil-proceeds-from-the-future-dangote/

They have borrowed money in advance with our future oil production as collateral. Maybe all the oil that will be produced from now till 2035 have already been used as collateral. Subsequently, more tax will be squeezed out from your income and lifestyle.

The money is being used to finance projects like coastal highway of fraud, Rivers political destabilization, 2027 election prep and so on.

Your share will be between N5,000 and N50,000 through a one-time hardship cash transfer, TraderMoni TulumbuMoni, or vote buying.

All the incentives wey DSR get, e don pay off already.

We built the Dangote Refinery without a single incentive from the government. However, to achieve the vision of turning Nigeria into a refining hub, investors need to be incentivised

What kind of joke is this?

The cheap dollars he got from cbn is not incentive?

We need to do more to make Nigeria a top refining hub.
God bless Nigeria for ever!

Damnnn niggar

Isoright

The warey say him nor get any incentives from government

He Is referring to Buhari who sold our oil in advance to pay salaries and build railway to Niger Republic because he is clueless about how to create wealth for the country

Shame yet Ronu miscreants still and believe in Tinubu and APC, and for dangote you don't have to lie or be ungrateful that you haven't received any incentives, the subsidized forex given to you, is definitely one of the biggest incentives that a business owner in nigeria could ever get, I am sure there are others which aren't public knowledge.

givedemwotowoto:

I can perceive wisdom here not romance comments always associated with piggy headed nigerians

LIARS AND DECEIVERS

Irresponsible government from the illiterate aboki to the present failure that calls himself the president

Loans to build houses for their children in foreign land,they attend good schools outside the country,come back home and continue where their fathers stop with the slaves.

With what I have seen so far, it seems this dangote refinery will not alleviate the sufferings of Nigerians, many stories that will make Nigerians lose hope keep coming out everyday, we still keep buying at expensive rate, even more expensive than imported products. Hence, let them scrap naira for crude, let him do whatever he wants to do with his refinery, he should pay whatever value in dollars or source outside Nigeria , and we will buy at any price he wants us to buy

Edoheals:
counter him with facts not beer parlor gossips and rumors.

This one that Dangote turned himself to Podcaster on to say NNPC and him negotiation dey get issues...

He should please come out and Tell everybody how much he is selling his petrol...so that we make informed decisions

Toh

Our leaders greedy

Oh God strike our political leaders with erectile dysfunctional, eczema, leprosy and korokoro.

Wen U see them driving in convoy of jeeps with this expensive fuel, God, bring earthquake to their path.

Let the masses wake one day and destroy them.

Major marketers will fill their tanks b4 the masses on the queues get fuel. God bring the end of these politicians faster than premature ejaculation

I thought this man got cheap forex?

Come on keep quiet!

Nigeria number 1.

Dangote needs to win. It will help us.

Shattuck:
Shame yet Ronu miscreants still and believe in Tinubu and APC, and for dangote you don't have to lie or be ungrateful that you haven't received any incentives, the subsidized forex given to you, is definitely one of the biggest incentives that a business owner in nigeria could ever get, I am sure there are others which aren't public knowledge.

No single Brain
No wisdom
No knowledge.
Someone said African leaders
The dindinrin singled out Tinubu’s
Lazy 14 years old goat

Nothing can be learned from you
Your parents wasted funds on you .

Oga, you got subsidized dollars from Emefiele nau!
We no forget o

Omooba77:

https://punchng.com/africa-spending-oil-proceeds-from-the-future-dangote/

make we hear word jare

k

For Dangote to make this statement is ridiculous...

Incentives Dangote got from FG includes custom duty waiver ie import duty on equipments and materials, tax breaks, granting the refinery pioneer status which provides additional tax incentives, foreign exchange through the CBN foreign exchange intervention, regulatory etc.

What other kind of incentives or is oga Dangote talking about? What does he want?

It might not be enough... But that's incentive man.

Dangote is just a greedy business man in my opinion...I don't know if that is a bad thing to attain his level of success though and it's got him this far!

Aliko Dangote is a national treasure.

Omooba77:

https://punchng.com/africa-spending-oil-proceeds-from-the-future-dangote/

But where is the lie?

During the peak of nnamdi kanu detention. And pressure from western block to grant the people referendum. Buhari and northerners feared the breakup of Nigeria. As a result of that they went on borrowing sprees all over the world with the niger delta oil.

They borrowed from even places like brazil, South Africa, egypt. Most of the funds are uned for. They were even building rain and roads to niger just incase. Building future roads in the north incase of a any breakup.

They even included a plan that Biafra will not include minority tribe.

Tinubu is just too afraid to probe all of that mow and arranging emelefe is only a smoke screen to all the many problems from buhari regime