ABUJA – President Bola Ahmed Tinubu has disclosed that his unwavering support for the Dangote Refinery was rooted in his long-standing belief that increased private sector investment is critical to Nigeria’s economic transformation.
Speaking on Thursday while receiving the board and management of the Nigerian Exchange Group (NGX Group) at the Presidential Villa in Abuja, the President said his backing for the multibillion-dollar refinery project predated his assumption of office.
Tinubu revealed that discussions with the late former President Muhammadu Buhari played a key role in advancing the refinery project through private sector participation, describing the facility as a model of how private investment can stimulate economic growth while reducing the financial burden on government.
According to the President, encouraging private capital remains a central pillar of his administration’s economic agenda.
“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 added that the late Buhari shared the same vision, noting that both leaders explored ways to ensure the refinery became a successful private-sector-driven project.
“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,” he stated.
The President also highlighted key economic reforms introduced since his administration took office on May 29, 2023, including the implementation of the naira-for-crude policy.
Tinubu explained that the policy was designed to strengthen the naira, simplify trade transactions and reduce reliance on letters of credit and other bureaucratic processes.
Reaffirming his optimism about the country’s economic future, the President said Nigeria possesses the population, talent and entrepreneurial capacity required to build a $1 trillion economy, stressing that sustained private sector investment will remain crucial to achieving that goal.
