Dangote Refinery: I am confident Tinubu will sustain economy growth, says Buhari

President Muhammadu Buhari on Monday described the Dangote Refinery as a significant milestone for Nigeria’s economy and a game changer for the downstream petroleum products market in the entire African region.

The president inaugurated the refinery in Ibeju-Lekki, Lagos, which is expected to enable Nigeria to achieve self-sufficiency in refined products and even have a surplus for export.

A statement by Femi Adesina, special adviser to the President on Media & Publicity, said that Buhari made the declaration while speaking at the commissioning of the refinery.

Heads of State from Ghana, Togo, Niger, Senegal and a representative of the President of Chad attended the event.

‘‘This mega industry we are commissioning today is a clear example of what can be achieved when entrepreneurs are encouraged and supported and when an enabling environment is created for investments and for businesses to thrive,” Buhari said.

‘‘I am confident that my successor, His Excellency Asiwaju Bola Ahmed Tinubu, will sustain the improvement in our economic and business environment and strengthen the framework of our public-private partnership policies to accelerate the pace of our economic growth and development.

‘‘I am happy to leave our economy in very competent hands.”

The Nigerian president, who commended Aliko Dangote’s leadership in executing the 650,000 barrels per day refinery, urged other entrepreneurs to emulate his example in driving economic growth and realising Nigeria’s economic potential.

He stressed the need for African countries to unite, integrate their economies, eliminate trade barriers, and rally their populations to achieve Agenda 2063 for the continent’s prosperity.

‘‘I urge and encourage our other great entrepreneurs to emulate this iconic Nigerian industrialist and join the Government in accelerating our growth in order to realise our country’s globally recognised economic potential.

‘‘When I travel around Africa and meet and engage my brother Heads of State (and I am delighted some of their Excellences are here), I often sense a quiet expectation that our country is blessed with resources and human capacity to lead Africa’s rise to economic prosperity and the attainment of Agenda 2063 – ‘The Africa we all want.’

‘‘But to achieve the goals of Agenda 2063, Africa must come together – we must integrate our economies, eliminate trade barriers and energise our youthful population to scale up our production capacity.

‘‘We must create necessary conditions for our private sector to grow and partner with the public sector to accelerate economic growth across the continent.

‘‘We must not allow outside powers to use some of our leaders to destabilise our economic and political trajectory,’’ he said.

Buhari acknowledged the visionary investments made by the Dangote Group, under the leadership of Dangote, in transforming Nigeria’s economy through its involvement in critical industries such as cement and fertiliser.

He noted that investment in these sectors had been crucial in shifting Nigeria from heavy import dependence to a net exporter.

The president acknowledged that Nigeria’s economy had faced significant challenges over the years, including deficits in economic infrastructure, insurgency, and external crises such as the Global Financial Crisis, oil price collapses, the COVID-19 pandemic, and the Russia-Ukraine war.

‘‘The consequence of these challenges constitutes a severe strain on our economy, limiting Government’s ability to provide basic infrastructure without resorting to huge borrowings.

‘‘Our Government, therefore, took the decision to focus attention on creating an enabling environment for the private sector to thrive and fill the enormous gap in investments not only in infrastructure but also in all critical sectors.

‘‘We recognise that without the active participation of the private sector and a strong commitment to public-private partnership, our economy would continue to remain severely challenged and our economic growth impeded.

‘‘Government, therefore, will and should continue to provide an enabling environment and encourage innovative public-private partnerships in all sectors of our economy,’’ he said.

The President emphasised the administration’s commitment to this approach, citing Executive Order 007 of 2019, which facilitated the rehabilitation/construction of many roads by private sector investors using a Tax-credit scheme.

‘‘It is my hope that the succeeding Administration will continue to apply such innovative schemes in partnership with the private sector to accelerate the provision of critical infrastructure in particular roads, power and gas pipelines,’’ he said.