President Muhammadu Buhari says that the 650,000 barrels per day Dangote refinery is a game changer for Nigeria’s economy.

At the inauguration of Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, on Monday, Mr Buhari said the refinery would enable Nigeria to achieve self-sufficiency in refined products and even have a surplus for export.

The president described the feat as a significant milestone for Nigeria’s economy and the downstream petroleum products market in the entire African region.

‘‘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,’’ he said.

Mr Buhari commended Aliko Dangote’s leadership in executing the 650,000 barrels per day refinery, urging 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.

‘‘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.

Mr Buhari acknowledged that Nigeria’s economy had faced significant challenges over the years, including deficits in economic infrastructure due to insurgency.

He said the economy has also faced 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.

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.

Mr Dangote assured that the refinery would turn out its first product before the end of July this year.

“Beyond the constant availability of high-quality fuels for our transportation sector, the refinery will also make available to our industries vital raw materials for a wide range of manufacturers in the plastics, pharmaceutical, food and beverages, packaging, construction, and many other industries,” he said

He emphasised the refinery’s role in fulfilling the group’s corporate vision of promoting self-sufficiency and global competitiveness.

Also speaking, the governor of the Central Bank of Nigeria(CBN), Godwin Emefiele, disclosed that outstanding debt by the Dangote refinery had dropped appreciably from over $9 billion to $3 billion.

This was even as he said the CBN also partnered, as always, with the Dangote Group to ensure the project’s successful completion by providing about N125 billion to cover domestic currency requirements for the venture.

Mr Emefiele said that the Dangote Group has started repaying some of the commercial loans even before the facility’s inauguration, saying this reflects the commercial capability of the group and its chairman.

(NAN)