President, Dangote Group, Aliko Dangote, on Tuesday, has revealed that the Dangote Refinery was constructed without any government incentives.
Mr Dangote made this known during his keynote address at the Crude Oil Refinery Owners Association of Nigeria summit in Lagos.
The summit was with the theme,”Making Nigeria a net exporter of petroleum Products.”
Dangote, represented by Ahmed Mansur, Dangote Group, said that there was a need for investor incentives to realise the country’s vision of becoming a refining hub.
Despite being Africa’s largest crude oil producer, Dangote lamented that Nigeria had long relied on imports to meet its refined petroleum product needs.
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“It is unfortunate that while countries such as Norway are investing oil proceeds into a future fund, we in Africa are spending our future earnings,” Mr Dangote said.
He further commended the efforts of Bola Ahmed Tinubu, highlighting the government’s active steps to accelerate International Oil Companies divestments and other initiatives.
Dangote said, “Nigeria is poised to transition from a “net importer” to a “net exporter” of refined products, positioning itself as a significant player in global downstream trade.
“This impending transformation is indicative of our progress as an industry and as a nation. We owe a debt of gratitude to President Tinubu for his unwavering support throughout this journey.”
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