President Bola Tinubu has said his decision to support the Dangote Refinery was aied at encouraging greater private-sector investment in Nigeria’s economy
The President made this known on Thursday during a meeting with the board and management of the Nigerian Exchange Group at the Presidential Villa in Abuja.
Tinubu recalled that discussions about the refinery began even before he became president. He said he had spoken with the late former President Muhammadu Buhari about the project and explored ways of ensuring that it was driven by the private sector.
According to Tinubu, his administration also introduced the naira-for-crude arrangement after assuming office on May 29, 2023, as part of efforts to stabilise the naira and make crude supply to domestic refineries easier. He noted that the arrangement would reduce the need for letters of credit and other extensive paperwork.
The President said Nigeria has the population, talent and determination needed to build a $1 trillion economy, stressing that greater private-sector participation would be essential to achieving that goal.
“We need to encourage the private sector to invest more in the economy. It’s one of the reasons I backed Dangote, even before I became president,” Tinubu said.
He also recalled his discussions with Buhari about the refinery, saying, “God bless the soul of former President Muhammadu Buhari. We were talking about the refinery then, and we found a way to push it to the private sector.”
