Aliko Dangote, Africa’s wealthiest businessman and the president of Dangote Refinery, has revealed that powerful interest groups within Nigeria’s oil and gas industry are still actively attempting to hinder the progress of his 650,000-barrels-per-day refinery project.
As reported by global news outlet Semafor, Dangote made these revelations while speaking during a recent investor gathering held in Lagos over the weekend.
According to Dangote, certain individuals and networks that benefited immensely from Nigeria’s long-standing government-subsidized petroleum imports are responsible for undermining the $20 billion refinery project located in the Lekki Free Zone, Lagos.
“For an extended period, those who profited substantially from subsidized oil importation have consistently worked against the advancement of this refinery,” he stated.
He added that these same interest groups are allegedly backing efforts to resist President Bola Ahmed Tinubu’s decision to eliminate fuel subsidies and have also posed obstacles to the smooth operation of the privately-owned refinery.
Nonetheless, Dangote expressed unwavering confidence in overcoming these setbacks, emphasizing his resilience and determination in the face of adversity.
“This fight is ongoing, but it’s not new to me. I have faced challenges throughout my life, and I am fully confident that victory will be ours in the end,” he affirmed.
It is worth recalling that the Dangote Refinery began retailing petroleum products in September 2024, a move that significantly reduced the volume of fuel imports into the Nigerian market.
President Bola Tinubu had previously declared the end of fuel subsidy payments in May 2023 during his inauguration address, a decision that marked a major policy shift in the country’s energy sector.
Related News:
- How Dangote Refinery Impacts Fuel Prices in Nigeria
- Bola Tinubu’s Fuel Subsidy Policy and Its Economic Effects
- Latest News on Nigeria’s Oil Sector Reforms
- Dangote’s Role in African Industrialization
- Semafor: Original Report
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