DAVOS, SWITZERLAND – Nigeria is officially transitioning from a historic dependency on fuel imports to a future as a dominant net exporter of refined petroleum, Vice President Kashim Shettima declared on Thursday.
Speaking at the High-Level Accra Reset Initiative during the 2026 World Economic Forum (WEF) in Davos, Shettima positioned the Dangote Petroleum Refinery in Lagos as the primary engine behind this seismic shift.
As Africa’s largest single-train refinery, the facility is being hailed as the proof of concept for homegrown industrialisation.
Addressing a global audience of leaders and investors, the Vice President emphasised that Africa’s prosperity cannot be parachuted in via external aid.
Instead, the VP said, it must be engineered through local capital and industrial ambition.
“After decades as a net importer of value, Nigeria is on the verge of becoming a net exporter of refined fuel. Africa cannot rise on applause alone. We rise when we build,” Shettima said.
The Vice President noted a concerning trend, posting that Africa’s manufacturing contribution to GDP has plummeted from 16% in 1980 to less than 10% in recent years.
However, he remains optimistic that the continent is ripe for a leapfrog moment. He cited technological integration, human capital and domestic productivity as key drivers for this new era.
Shettima emphasised the economic significance of the African diaspora, noting that remittances reached $95 billion in 2024, a figure that now surpasses total foreign direct investment (FDI) into the continent.
He argued that mobile, highly skilled Africans are essential to the “Accra Reset” vision of a self-sustaining continent.
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