Business
Dangote Assures Global CEOs that Africans Will Develop Africa
President/Chief Executive of Dangote Industries Limited, Aliko Dangote, has urged African entrepreneurs, business leaders and wealthy individuals to invest in the development of the continent.
Speaking while hosting participants of the Global CEO Africa Programme from Lagos Business School and Strathmore Business School, Nairobi, after a tour of the Dangote Petroleum Refinery & Petrochemicals in Ibeju-Lekki, Lagos, Dangote emphasised that with the right investments, Africa has the potential to grow and compete globally.
ALSO READ: Presidency Slams Reckless Endangerment of National Cohesion
He asserted that what the continent needs are bold and transformative projects capable of addressing its long-standing challenges. Citing the successful construction of the world’s largest single-train refinery—the Dangote Petroleum Refinery—as proof that nothing is impossible, he maintained that similar achievements can be replicated across sectors to drive economic growth.
Dangote reflected on the initial scepticism surrounding the refinery project, noting that despite numerous obstacles, the group remained steadfast in its commitment to delivering on its vision.
“There will always be challenges. In fact, life without challenges isn’t exciting. You just hope for the kind of challenges you can overcome—not the ones that overwhelm you,” he remarked.
He explained that completing the refinery has emboldened the group to pursue even more ambitious goals: “Now that we’ve built this refinery, we believe we can do anything. We aim to make our fertiliser company the largest in the world—and we’ve set ourselves a 40-month timeline.”
Dangote highlighted Africa’s wealth in both human and natural resources, stressing that business leaders are in a privileged position to harness these assets and create jobs for the continent’s growing population. He stated that development cannot be left to governments alone, urging the private sector to trust in national leadership and invest at home instead of moving capital abroad.
“We, as Africans, must stop taking our money abroad. We should invest it here to build our countries and the continent. As for me, I don’t take my money out of Africa. If we don’t show confidence in our own economies and leadership, foreign investors certainly won’t. After all, we know our leaders better than anyone else. That money being taken out of the continent should be left here, where it can benefit everyone,” he advised.
While many African nations have achieved political independence, Dangote argued that they remain economically dependent. He cited countries like Dubai and Singapore, which were on par with some African countries in the 1970s but have surged ahead through deliberate policies and partnerships with visionary entrepreneurs.
Dangote expressed concern about the disparity between Africa’s rapidly growing population and the limited job opportunities available. He called for a strong banking sector, a robust manufacturing base, and a thriving agricultural sector as cornerstones of the continent’s transformation.
He also stressed the importance of improved interconnectivity among African nations, revealing that it is currently cheaper to import goods from Spain than to transport cement clinker from Nigeria to neighbouring Ghana.
Acknowledging policy inconsistency and infrastructural challenges, Dangote encouraged the visiting CEOs not to be deterred but to remain ambitious while acquiring deep knowledge of their respective industries.
“If you think small, you don’t grow. If you think big, you grow. It’s better to try and fail than never to try at all,” he advised the 24 CEOs in attendance from six African countries.
Academic Director of the Global CEO Africa Programme at Lagos Business School, Patrick Akinwuntan, explained that the initiative is designed to inspire Africa’s future business leaders.
The programme, in partnership with Strathmore Business School in Nairobi, comprises three modules, requiring participants to spend a week each in Nairobi (Kenya), Lagos (Nigeria), and New Haven (USA).
“The goal is to nurture business leaders who see Africa as a single market—one without borders—focused on the continent’s vast potential. The refinery is a powerful symbol that vision goes beyond mere sight,” he said.
Akinwuntan, who is also the former Managing Director of Ecobank Nigeria, praised Dangote for his integrity, competence, and boldness in bringing such a monumental project to fruition.
Executive Dean of Strathmore Business School, Dr Caesar Mwangi, echoed these sentiments. He said the visit would inspire CEOs to realise that only Africans can truly develop the continent.
“This refinery is the world’s largest single-train refinery. It’s proof that we must dream big, think big, and—most importantly—act. If the Dangote Group can achieve this, then so can others across the continent,” Mwangi said.
“Every CEO here can take this inspiration back home and initiate impactful projects that will uplift our continent and create opportunities for the millions of young Africans who need them,” he added.
Dean of Lagos Business School, Prof Olayinka David-West, stated that the visit aligned with the school’s mission of grooming leaders capable of addressing Africa’s complex social and institutional challenges.
She lauded Dangote as a visionary leader who mobilises resources to confront the continent’s critical problems. She noted that the refinery’s ripple effect extends beyond petroleum production, enhancing livelihoods and national wellbeing.
“This facility is pivotal. It serves as a practical tool to implement frameworks like the African Continental Free Trade Area (AfCFTA). While it’s one project, its effects will be felt across multiple sectors,” she explained.
Dr Rabiu Olowo, CEO of Nigeria’s Financial Reporting Council and a participant in the programme, said the visit had reignited the need for bold and courageous thinking in pursuing sustainable national development.
The visiting CEOs also included global banking leader Segun Aina; Managing Director of Family Bank, Nairobi, Nancy Njau; Executive Director and Chief Financial Officer for Cameroon, CEMAC, and CESA Region at Ecobank, Emmanuel Wakili; and former President of the CFA Society Nigeria, Ibukun Oyedeji, among others.
Photo Caption
Some members of the Lagos Business School’s Global CEO Africa Programme Cohort 5 at Dangote Refinery Central Laboratory, during their visit to Dangote Petroleum Refinery and Fertiliser Plant in Ibeju-Lekki Lagos on Thursday July 10,2025.
Two key stakeholders in Nigeria’s oil and gas industry have resolved to work closed to unlock three million barrels per day (bpd) of crude oil by 2030.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), according to the new President of former, Comrade Bosun Olabiyi-Agoro, would be working closely with each other to attain the objective.
He made the disclosure on Wednesday while on a visit to the NUPRC corporate headquarters.
The Head, Media and Corporate Communications, NUPRC, Eniola Akinkuotu, who made the disclosure in a statement, also credited the PENGASSAN President with declaring that inasmuch as the union is open to negotiations, issues bordering on the rights of workers to freely associate and join the union are non-negotiable.
READ ALSO: Tinubu Banks on NLNG Train 7 to Boost Nigeria’s Gas-led Economy
He made it public that issues surrounding contract staffing will be one of the key issues his administration will address.
“The President of Nigeria has an ambition which he runs through the CCE which is to make sure that by 2030 we are able to produce three million barrels per day. All of us have to work to make that happen. It will be our happiness to make sure that that target is actually attained. We can assure you that we are here to collaborate. We will be very reasonable,” Olabiyi-Agoro assured.
On her part, the Commission Chief Executive, Oritsemeyiwa Eyesan, said the President Bola Tinubu-led Federal Government had been working assiduously to increase production as evidenced by the latest executive order which is targeted at deep offshore investments. She noted that production had risen from a low of 1.1mmbopd a few years ago to an estimated 1.755mmbopd in 2026.
Seeking the support of PENGASSAN to achieve this target, Eyesan, said industrial stability remained critical to hitting higher production targets.
“As you settle into your new role, be assured that the commission will give you 150 per cent cooperation. In addition to the support we will give you, we want to ask that we work very closely to actualise government objectives.
“We want to grow production from our current level to 3 million barrels in 2030. For gas, we are still doing under 8bcf and we want to grow that to 12bcf by 2030. So, let’s make that happen,” she stated.
As the multi-billion-dollar Nigeria LNG Limited (NLNG) Train 7 Project reaches more than 90 percent completion, President Bola Tinubu has described it as critical to Nigeria’s gas-led economic agenda.
According to Tinubu, the successful delivery of the project would help expand Nigeria’s gas exports, create jobs, deepen local capacity and strengthen investor confidence in the country’s oil and gas sector.
The President spoke at the State House, Abuja, on Thursday when he received an NLNG delegation led by its Managing Director and Chief Executive Officer, Adeleye Falade.
The delegation briefed the President on the progress of Train 7, prospects for further expansion and challenges affecting the company’s operations and contributions to the national economy.
The discussions also covered the pricing and accessibility of liquefied petroleum gas (LPG), trucking along the Bonny-Bodo Road corridor, NLNG’s contribution to public revenue, its investments in the Bonny-Bodo Road and other social-impact projects, and the need for a more enabling business environment.
Tinubu congratulated Falade on his appointment, describing his assumption of office as coming at a defining period for the NLNG and Nigeria’s gas development ambitions.
Tinubu expressed the view that the completion of the Train 7 project must translate the country’s vast gas reserves into jobs, increased exports, industrial growth and long-term economic value.
“I congratulate you, Leye, on your appointment. Train 7 is at the centre of our national gas agenda. Its success matters not only to NLNG, but to Nigeria’s economic future,” the President said.
Tinubu commended the progress recorded on the project, describing Train 7 as a benchmark for project delivery, partnership, Nigerian content development and investor confidence.
He assured the NLNG management that the Federal Government would continue to improve the business environment, provide greater regulatory clarity and remove bottlenecks affecting major oil and gas investments.
“Nigeria is open for business, but it must be business that creates value at home — building capacity, supporting communities, protecting the environment and contributing to national prosperity. NLNG must continue to lead by example,” he added.
Responding, Falade thanked the President for his administration’s support for NLNG and the broader gas sector, assuring him that the company remained committed to the safe and successful completion of Train 7.
“With the project now over 90 percent complete, our immediate priority is to deliver the remaining work safely, efficiently and to the required quality, while preparing the plant for reliable and sustainable operations,” Falade said.
He said the project would increase Nigeria’s LNG production capacity, support export growth, create opportunities for Nigerian workers and businesses, deepen local participation and generate greater long-term value from the country’s gas resources.
Falade also restated NLNG’s commitment to supporting the domestic LPG market and improving access to cleaner cooking fuel for households and businesses.
He, however, called for coordinated action among the Federal Government, regulators and industry operators to increase domestic supply, improve storage and distribution infrastructure, eliminate avoidable costs and create a more transparent and efficient LPG market.
“Improving LPG accessibility is important to Nigeria’s energy transition and to the wellbeing of millions of Nigerian households. NLNG remains committed to supporting the domestic market, but improving affordability requires coordinated action across the entire LPG value chain,” he said.
The NLNG chief also sought the President’s intervention in addressing ease-of-doing-business challenges, particularly the proliferation of taxes, levies, charges and regulatory demands imposed by different tiers and agencies of government.
According to him, multiple and sometimes conflicting fiscal and regulatory obligations raise operating costs, create uncertainty and could discourage existing operations and future investments.
Falade assured the President that NLNG was ready to align more closely with the Federal Government’s development agenda and explore additional areas of partnership.
The meeting ended with a renewed commitment by the Federal Government and NLNG to sustain momentum on Train 7 as the project enters its final phase.
Both sides also agreed to strengthen their partnership to support the project’s successful delivery and NLNG’s broader contribution to Nigeria’s gas development and economic growth.
Despite a sharp resurgence in petrol imports, domestic refineries, led by the Dangote Petroleum Refinery, emerged as Nigeria’s largest source of petrol supply in the first seven months of 2026, accounting for nearly three-quarters of the country’s total Premium Motor Spirit (petrol) supply, while imports fell sharply compared with the corresponding period of 2025.
This comes amid increasing dependence on imported petrol in June and July after the authority issued import licences and supplies from domestic refineries dropped sharply, forcing a bigger contribution from imports despite the country’s expanding refining capacity.
An analysis of the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s monthly fact sheets by The PUNCH on Wednesday showed that domestic refineries supplied approximately 7.41 billion litres of petrol between January and July 2026, compared with about 4.27 billion litres in the corresponding period of 2025.
The figure represents an increase of approximately 3.14 billion litres, or 73.5 per cent, within one year. Petrol imports, however, fell from approximately 6.58 billion litres between January and July 2025 to about 2.48 billion litres in the corresponding period of 2026, representing a decline of about 4.10 billion litres, or 62.3 per cent.
READ ALSO: DPRP Decries Rising Fuel Imports, Despite Strong Local Supply Capacity
The seven-month figures confirm a dramatic reversal in Nigeria’s petrol supply structure, with domestic refining displacing imports as the country’s dominant source of PMS.
Of the approximately 9.89 billion litres of petrol supplied between January and July 2026, domestic refineries accounted for 74.9 per cent, while imported petrol contributed 25.1 per cent.
This contrasts sharply with the corresponding period of 2025, when Nigeria relied primarily on imported petrol. Between January and July 2025, the country received approximately 10.85 billion litres of PMS, comprising 6.58 billion litres from imports and 4.27 billion litres from domestic refineries.
Imports therefore accounted for approximately 60.6 per cent of the total petrol supply during the seven-month period in 2025, while domestic refining accounted for 39.4 per cent.
The data show that domestic refining gained more than 35 percentage points of Nigeria’s petrol supply market within one year, while the share of imports dropped by the same margin.
To reach this conclusion, our correspondent analysed NMDPRA data on daily average domestic and imported petrol supplies from January to July 2025 and compared them with the figures for the corresponding period of 2026. The analysis covered the actual number of days in each month.
The latest NMDPRA fact sheet for July showed that domestic refining supplied an average of approximately 25.8 million litres of petrol per day, while imports contributed about 19.7 million litres daily.
This translates to approximately 799.8 million litres from domestic refineries and 610.7 million litres from imports during July, based on the 31 days in the month.
The July figures showed that while imports increased compared with some of the preceding months, domestic refining remained the larger source of petrol supply.
The development extends the trend recorded in the first half of the year, when domestic refineries supplied approximately 6.61 billion litres, compared with about 1.87 billion litres supplied through imports.
However, the July figures also showed that Nigeria’s domestic refining system remains vulnerable to fluctuations in refinery output, as imported petrol continues to serve as a major source of supply whenever local production declines.
Overall, domestic refinery supply increased by approximately 73.5 per cent between the January-to-July periods of 2025 and 2026, while petrol imports declined by about 62.3 per cent.
A month-by-month analysis revealed that domestic petrol refining supply recorded a mixed performance in the first seven months of 2026. Supply started at 40.1 million litres per day in January but fell by 26.7 per cent to 29.4 million litres daily in February.
It recovered in March, rising by 16.3 per cent to 34.2 million litres per day, before increasing further by 19 per cent to 40.7 million litres daily in April. The upward trend continued in May, when domestic supply rose marginally by two per cent to a seven-month high of 41.5 million litres per day.
However, the gains were reversed in the following months. Domestic refining supply fell by 21.7 per cent to 32.5 million litres daily in June and dropped by another 20.6 per cent to 25.8 million litres per day in July, the lowest level recorded in 2026.
In contrast, domestic refining supply in 2025 recorded only one month of growth during the January-to-July period. Supply rose by 29.8 per cent from 19.1 million litres per day in January to 24.8 million litres daily in February.
Thereafter, supply declined for five consecutive months. It fell by 7.7 per cent to 22.9 million litres daily in March, declined by 6.1 per cent to 21.5 million litres in April and dropped by 14 per cent to 18.5 million litres daily in May.
The downward trend continued in June, when domestic supply declined by 2.2 per cent to 18.1 million litres per day, before falling by another 8.8 per cent to 16.5 million litres daily in July.
Overall, the figures show that while domestic petrol refining supply in 2026 was significantly higher than in 2025, the sector experienced greater volatility. Supply climbed to a peak of 41.5 million litres per day in May 2026 before declining sharply by about 38 per cent to 25.8 million litres per day in July. In 2025, the decline was more gradual but persistent, with supply falling for five consecutive months after its February peak.
Despite the substantial increase in locally refined petrol, Nigeria’s overall PMS supply declined slightly during the period. Total petrol supply fell from approximately 10.85 billion litres between January and July 2025 to about 9.89 billion litres in the corresponding period of 2026, representing a reduction of about 957 million litres, or 8.8 per cent.
The figures underline the rapid transformation of Nigeria’s downstream petroleum market following the ramp-up of operations at the Dangote Petroleum Refinery and other domestic refining facilities.
The Dangote refinery, with a nameplate capacity of 700,000 barrels per day, has emerged as the dominant contributor to Nigeria’s domestic petrol supply since commencing commercial operations.
Its increased output has significantly reduced Nigeria’s dependence on imported PMS, which for decades accounted for the majority of fuel consumed in the country.
However, the volatility in monthly domestic supply has continued to expose the fragility of the country’s transition away from imports.
In June, for instance, domestic refinery supply fell sharply compared with May, while imports rose substantially to fill the resulting supply gap. The July data showed that imports remained elevated, supplying more than 610 million litres during the month, although domestic refineries still supplied nearly 800 million litres.
The development came amid continuing disagreements between the Federal Government and the Dangote Petroleum Refinery over crude supply, petrol imports and the structure of Nigeria’s downstream petroleum market.
The refinery has repeatedly raised concerns about access to locally produced crude and foreign exchange required to purchase feedstock. According to a recent Bloomberg report, the refinery increasingly directed products towards export markets as it struggled with crude supply and foreign exchange constraints under the naira-for-crude arrangement.
“We are exporting as much as possible,” Bloomberg quoted the Group Vice-President of Dangote Refinery, Devakumar V.G. Edwin, as saying. “We are not able to get enough dollars from the Central Bank, and it doesn’t make any sense to be selling the products in naira and not being able to buy dollars. We need the dollars to buy our feedstock.”
The January-to-July figures nevertheless show that Nigeria’s petrol market has undergone a fundamental shift. Within one year, domestic refineries moved from supplying less than two-fifths of the country’s petrol needs to accounting for about three-quarters of total supply, while the dominance of imported products weakened considerably.
The figures suggest that Nigeria’s transition from an import-dependent petrol market to a domestic-refining-led system is accelerating, although the continued supply of more than 2.48 billion litres of imported petrol in seven months shows that imports remain important in bridging supply gaps.
The development has also renewed the debate over the future of petrol imports.
Amid the crisis, the Independent Petroleum Marketers Association of Nigeria in July urged the Federal Government to halt petrol importation, arguing that imported products had become more expensive than locally refined fuel and were undermining efforts to stabilise prices in the downstream sector.
Speaking with The PUNCH, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said the continued issuance of import licences was failing to achieve its intended objective of moderating domestic fuel prices.
Ukadike said, “Independent marketers have looked at the issues of price volatility, import licences and the sale of petroleum products in dollars. I want to use this opportunity to urge the Federal Government to transparently review these issues through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, which is the industry’s regulator.
“The recent import licences, which were expected to serve as a guide and a check on the prices of petroleum products refined locally, are not yielding the results we expected. We were shocked that the licences issued to depot owners to import petroleum products are resulting in prices of about N1,350 per litre, which is far higher than what Dangote has been selling to us.”
He stressed that the objective of allowing fuel imports was to create competition capable of checking domestic prices but argued that the policy had failed to deliver the expected outcome.
The latest NMDPRA figures, however, indicate that while domestic refining has now become Nigeria’s largest source of petrol, imported products still play a significant role in maintaining supply whenever refinery output falls.
The seven-month data therefore underscore the importance of reliable crude supply, stable foreign exchange access and consistent refinery operations if Nigeria is to consolidate the gains from its growing domestic refining capacity and further reduce its dependence on imported petrol.
Courtesy – The Punch
Umar Cautions Against Irregular Policies in Nigeria’s Oil Industry
PENGASSAN to Link Up with NUPRC to Unlock 3mmbopd
2027: Tinubu Holds Crucial Meeting with APC Governors at Presidential Villa
Tinubu Swears In Abel Enitan as New Head of Civil Service
Tinubu Banks on NLNG Train 7 to Boost Nigeria’s Gas-led Economy
Ogoni Committee Washes Hands Off Contracts, 40 NNPC Ltd’s Job Slots
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
Understanding game odds is key to enjoying casino play! Platforms like okking99 casino offer a diverse range, but responsible play & knowing your limits are vital. The ease of access via apps is a plus too!
649e50
I have been exploring for a little bit for any high quality articles or weblog posts in this sort of space . Exploring in Yahoo I at last stumbled upon this site. Studying this info So i¦m happy to convey that I’ve a very just right uncanny feeling I found out just what I needed. I most surely will make certain to don¦t put out of your mind this web site and provides it a glance on a continuing basis.
Its such as you learn my thoughts! You appear to know a lot approximately this, such as you wrote the ebook in it or something. I think that you just can do with a few to drive the message home a bit, but instead of that, this is fantastic blog. A great read. I’ll certainly be back.
I reckon something truly special in this internet site.
Wow! Thank you! I constantly wanted to write on my website something like that. Can I implement a portion of your post to my site?
I discovered your blog site on google and check just a few of your early posts. Proceed to maintain up the very good operate. I just additional up your RSS feed to my MSN Information Reader. Looking for ahead to reading more from you afterward!…
Unquestionably believe that which you stated. Your favorite justification seemed to be on the web the simplest thing to be aware of. I say to you, I certainly get annoyed while people think about worries that they just don’t know about. You managed to hit the nail upon the top and also defined out the whole thing without having side-effects , people could take a signal. Will probably be back to get more. Thanks
You made some clear points there. I looked on the internet for the subject matter and found most individuals will consent with your website.
Woh I love your articles, saved to my bookmarks! .
You have noted very interesting points! ps decent website.
I feel this is one of the so much significant info for me. And i’m glad studying your article. But want to statement on some general issues, The web site style is wonderful, the articles is really nice : D. Excellent job, cheers
I believe this web site has got some really wonderful information for everyone :D. “America is not merely a nation but a nation of nations.” by Lyndon B. Johnson.
I would like to express my thanks to the writer for rescuing me from this situation. Because of checking throughout the the web and obtaining principles which are not powerful, I thought my life was over. Existing without the strategies to the difficulties you have resolved as a result of this site is a serious case, and the ones which could have in a wrong way damaged my entire career if I hadn’t come across the website. Your personal talents and kindness in taking care of all the details was valuable. I don’t know what I would’ve done if I had not come upon such a stuff like this. I’m able to at this point look ahead to my future. Thanks for your time very much for the high quality and results-oriented help. I will not think twice to suggest your web page to any person who requires direction about this problem.
I conceive you have remarked some very interesting points, regards for the post.
Pretty! This was a really wonderful post. Thank you for your provided information.