Economy
Refinery: How Dangote Chose Nigeria Over Saudi Arabia, UAE
By Adedapo Adesanya
The Vice-President of Dangote Industries Limited, Mr Devakumar Edwin, has claimed that the $20 billion Dangote Refinery in the Lekki area of Lagos State, Nigeria, could have cited in Saudi Arabia or the United Arab Emirates (UAE) but the owner, Mr Aliko Dangote, decided to establish it in his home country.
He made this disclosure when a coalition of 28 Civil Society Organisations (CSOs) recently visited the facility, which can refine 650,000 barrels of crude per day.
The group was set up to monitor the compliance of the Nigeria National Petroleum Company (NNPC) Limited to the presidential directive to sell crude oil to Dangote Refinery in Naira.
Recall that last week, President Bola Tinubu directed the NNPC to sell crude oil to the refinery and others in local currency.
He described Dangote Refinery as a value-adding facility as it would stop the exportation of Nigeria’s crude and importation of finished products and wondered why the government would be against such a vision for Nigeria.
He said the disposition of the NNPC Limited and the regulatory agencies was a clear indication that they deliberately held down the nation’s refineries so that they could continue importing petroleum products.
According to him, many African countries have minerals but do not add value to their economies because those minerals are exported raw and the finished products are imported back into the country whereas vice versa should have been the order of the day.
“This is what Dangote refinery seeks to correct, we did the same in the cement and sugar sectors where Nigeria was a leading importer of those products and with the coming of Dangote leading the backward integration programme of the government, others came into the sector and together Nigeria now exports cement to other countries.
“What we want to do in Refinery, we have done it other businesses, Nigeria used to be the biggest importer of sugar, we came in and changed the narrative. We led the backward integration scheme of the federal government, and we now produce sugar locally for domestic consumption and others have joined us. We did the same in Cement by opening up a production plant and today Nigeria exports cement to other countries.
“In a business, no one was interested in investing in, Dangote delved into it determined to ensure Nigeria no longer imports fuel, invested massively and came up with the world’s largest single train refinery.
“He said he would not take his money to Dubai or Swiss banks as others are doing, he decided to invest at home and now they are saying he wants to create a monopoly.
“We didn’t ask for any favour other than that we want to buy crude to produce, first they said there was no crude, later they said we would have to pay some dollars above the prevailing crude market price. And this is a global market where you can track crude prices anytime.
“We resorted to buying crude from Brazil and the United States. Later they said we should not be announcing the price of the products.
“Even the US, the leading proponent of a free market economy protects its local industries by imposing huge duties on imports just to protect local industries. This is a man that Saudi Aramco once approached to come and cite his refinery in Saudi Arabia, promising a steady supply of cruse.
“Abu Dhabi also invited him to do the same on their soil but he rejected insisting he would build at home, now he did that and a facility that is supposed to add value to Nigeria’s economy is being frustrated,” he said.
Speaking on behalf of the CSOs, Mr Solomon Adodo of the Rise Up for A United Nigeria said what his group had seen was a world-class facility and wondered how a regulatory agency of the government could take sides with importers of petroleum products when a local refinery is now available to bail the nation out of the forex quagmire which has made the price petroleum products to skyrocket.
He disclosed that the CSOs have concluded to petition the Presidency on the need to adopt Dangote Refinery as a national asset that should be used to liberate the country from the shackles of importation of fuel while it exports crude.
“We are ready to defend this facility with everything as civil society organizations. We are not speaking on our behalf but on behalf of all Nigerians and on behalf of our fatherland. It leaves much to be desired how an agency of government with oversight function to guide to grow such a project as this would now be disparaging same project. This is too bad.
“We have seen for ourselves and we have cleared all doubt as to the completion of this refinery and the readiness to supply all our domestic needs. We will expose them all. Anyone who is not ready to ensure Nigerians have a new lease of life must give way. Now it is a fight to finish.
“Going forward, we are going to set up a situation room to monitor the compliance of the NNPCL with the directive of Mr President that Dangote Refinery would be supplied with Crude in Naira because we know that the enemies of the people would want to adopt another strategy to sabotage the presidential directive.
Mr Adodo said that the CSOs would mount serious advocacy to make the government accede to the demands of Nigerians which is not just granting the sale of crude to Dangote Refinery in Naira but also ensuring Dangote fuel is available at petrol stations for Nigerians to buy.
The group appealed to the management of Dangote Refinery not to be discouraged but to trudge on as the group would mount a serious campaign in favour of the refinery.
“Even if it means we should protest, we will. We can’t allow this international embarrassment to stand.”
He also argued that all the claims about monopoly against Dangote Refinery were wrong.
By Adedapo Adesanya
President Bola Tinubu will, on Friday, present the 2026 Appropriation Bill to a joint session of the National Assembly.
The presentation, scheduled for 2:00 pm, was conveyed in a notice issued on Wednesday by the Office of the Clerk to the National Assembly.
According to the notice, all accredited persons are required to be at their duty posts by 11:00 am on the day of the presentation, as access into the National Assembly Complex will be restricted thereafter for security reasons.
The notice, signed by the Secretary, Human Resources and Staff Development, Mr Essien Eyo Essien, on behalf of the Clerk to the National Assembly, urged all concerned to ensure strict compliance with the arrangements ahead of the President’s budget presentation.
The 2026 budget is projected at N54.4 trillion, according to the approved 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Meanwhile, President Tinubu has asked the National Assembly to repeal and re-enact the 2024 appropriation act in separate letters to the Senate and the House of Representatives on Wednesday and read during plenary by the presiding officers.
The bill was titled Appropriation (Repeal and Re-enactment Bill 2) 2024, involving a total proposed expenditure of N43.56 trillion.
In a letter dated December 16, 2025, the President said the bill seeks authorisation for the issuance of a total sum of N43.56 trillion from the Consolidated Revenue Fund of the Federation for the year ending December 31, 2025.
A breakdown of the proposed expenditure shows N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent (non-debt) expenditure, and N22.28 trillion for capital expenditure and development fund contributions.
The President said the proposed legislation is aimed at ending the practice of running multiple budgets concurrently, while ensuring reasonable – indeed unprecedentedly high – capital performance rates on the 2024 and 2025 capital budgets.
He explained that the bill also provides a transparent and constitutionally grounded framework for consolidating and appropriating critical and time-sensitive expenditures undertaken in response to emergency situations, national security concerns, and other urgent needs.
President Tinubu added that the bill strengthens fiscal discipline and accountability by mandating that funds be released strictly for purposes approved by the National Assembly, restricting virement without prior legislative approval, and setting conditions for corrigenda in cases of genuine implementation errors.
The bill, which passed first and second reading in the House of Representatives, has been referred to the Committee on Appropriations for further legislative action.
By Adedapo Adesanya
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.
In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.
The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.
MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.
On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.
Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
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