The Federal Government (FG) has been urged to prioritize local industries to drive economic growth and achieve Nigeria’s $1 trillion economy target.
This call was made by the Nigerian Economic Summit Group (NESG) on Tuesday during a visit to Dangote Fertiliser Limited and the Dangote Petroleum Refinery & Petrochemicals in Ibeju Lekki, Lagos.
The NESG delegation, led by its Chairman, Mr Niyi Yusuf, lauded Africa’s richest man, Aliko Dangote, for his bold investments, particularly in the $20 billion refinery, the world’s largest single-train refinery.
The refinery recently made a historic achievement by successfully exporting two cargoes of jet fuel to Saudi Aramco, the world’s largest oil producer.
Yusuf emphasized that such large-scale local investments are critical to Nigeria’s industrialization and economic transformation.
He pointed out that for Nigeria to achieve its ambitious $1 trillion economy target, domestic investments must play a leading role.
“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 said.
He noted that the Dangote refinery, fertiliser plant, petrochemical complex, and supporting infrastructure represent monumental achievements that demonstrate the power of private-sector investment.
“My hope is that God grants you the strength, courage, and health to realize your ambitions and that in your lifetime, a new Nigeria will emerge,” Yusuf added.
Yusuf underscored the necessity of protecting and supporting domestic industries, highlighting that Nigeria has become overly dependent on foreign products.
He lamented the country’s status as a dumping ground for imported goods, despite having a population of over 230 million people and a high birth rate.
“It’s inconceivable that a nation of over 230 million people, with an annual birth rate higher than the total population of some countries, is still dependent on imports to feed its citizens,” he said.
The NESG chairman stressed that fostering local industries would not only boost economic growth but also create jobs, support Small and Medium Enterprises (SMEs), and enhance national food security.
He pledged that the NESG would continue to advocate for policies that encourage local investment, improve the business environment, and position Nigerian entrepreneurs as global players.
In response, Aliko Dangote reiterated the importance of the private sector in national development.
He argued that while Nigeria advocates a free market, it should not use this as an excuse to neglect local industries.
“Both developed and developing nations, including the USA and China, actively protect their domestic industries to safeguard jobs and promote self-sufficiency,” Dangote stated.
He cited the Benin Republic as an example, explaining that despite his close ties with the country’s president, the government does not allow cement imports from his nearby Ibese plant as part of a strategy to protect local businesses.
“The President is a personal friend, and my Ibese plant is just 28km from Benin, yet they refuse to allow imports to protect their local industries, most of which are grinding plants,” he remarked.
Dangote also pointed out that when the private sector thrives, the government benefits significantly.
He revealed that 52% of every naira generated by Dangote Cement goes to the government in taxes and other payments.
Despite his success, Dangote acknowledged the challenges associated with setting up industries in Nigeria.
He highlighted the massive capital investment required due to the country’s infrastructural deficits.
He explained that investors often have to take on responsibilities that should typically be handled by the government, such as providing power, building roads, and developing ports.
“The cost of setting up industries in Nigeria is extremely high because businesses are forced to provide essential infrastructure on their own,” he said.
Dangote’s determination to transform Nigeria’s energy sector has already begun to yield impressive results.
He announced to an elated audience that the refinery had successfully exported two cargoes of aviation fuel to Saudi Aramco, a major milestone for Nigeria’s oil industry.
“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 said.
The refinery, which began production in 2024, has steadily increased its output and is now refining 550,000 barrels of crude oil per day.
Yusuf and other NESG board members, alongside industry stakeholders, toured the refinery and fertiliser plants, commending the level of investment and technology in use.
They were particularly impressed by the sophisticated laboratories and control units run by young Nigerian engineers.
Yusuf praised Dangote’s resilience in overcoming challenges and pushing forward despite difficulties.
“The NESG is grateful, and I believe the nation is as well.
“This refinery represents the audacity of courage. It takes immense effort to do what you’ve done and still be standing and smiling,” Yusuf said.
He also noted that Dangote’s investments have positioned Nigeria as a net exporter of petroleum products, a significant departure from its historical reliance on imports.
“We’ve all read Think Big, but this is truly about thinking big. The message is clear: the private sector can bring about real change,” he concluded.
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