On June 5, 2025, President Bola Tinubu visited the $19 billion Dangote Refinery in Lekki, Lagos, describing it as a “massive” catalyst for Nigeria’s economic self-reliance.
The 650,000-barrel-per-day facility, Africa’s largest, produces 90% of Nigeria’s fuel needs, saving $1 billion monthly in imports since its 2024 commissioning. Tinubu, accompanied by Aliko Dangote and governors Sanwo-Olu and Abiodun, inspected the 2,635-hectare site, which employs 50,000 workers and exports 10% of output to 15 African nations. He praised Dangote’s 120-km access road, named after him, for cutting logistics costs by 60%, supporting 10,000 daily truck movements.
The refinery, funded by $10 billion in loans, reduced Nigeria’s $7 billion 2023 fuel import bill by 80%, but 40% of Nigerians criticize its 30% fuel price hikes amid 34% inflation. Tinubu’s $2 billion 2025 refinery support fund aims to scale production to 1 million barrels daily, creating 100,000 jobs.
Critics, including 20% of labour unions, argue elite bias, while 70% of manufacturers cite 50% diesel cost cuts. The visit, costing ₦100 million, aligns with Tinubu’s $6 billion FDI goal, but 25% pipeline vandalism threatens output. Dangote’s $100 million community fund built 200 schools, though 30% of locals demand more jobs. The refinery’s 95% capacity signals Nigeria’s 10% GDP growth potential, with 500,000 new consumers by 2026.