President Bola Tinubu says he supported the Dangote Refinery to encourage greater private-sector investment in Nigeria’s economy. He makes the remarks on Thursday at a meeting with the board and management of the Nigerian Exchange Group at the Presidential Villa, Abuja. Tinubu also recalls discussions with the late former President Muhammadu Buhari about the refinery before he became president, saying they “found a way” to push the project to the private sector.
The president links his position to his administration’s economic approach after taking office on May 29, 2023, including the introduction of a “naira-for-crude” arrangement aimed at stabilising the currency. He adds that, under this framework, there is no need for letters of credit and related paperwork.
Tinubu further states that Nigeria has the population, skills, and “audacity” to build a one-trillion-dollar economy, and he frames his support for Dangote Refinery as part of efforts to expand investment and productive capacity through private initiatives.
