Vice-President Kashim Shettima says the Dangote Refinery is positioning Nigeria to become a net exporter of refined fuel as the nation boosts home-grown production and industrial capacity.
He made the remarks during a forum on continental economic solutions while in Switzerland for the 2026 World Economic Forum Annual Meeting.
Shettima spoke at a high-level session tied to the Accra Reset Initiative, which promotes African-led strategies for long-term growth.
He described a shift from reliance on imports to strong domestic fuel production, citing the Dangote Refinery as a key example of successful local industrial capacity.
He said that after decades of importing refined petroleum products, Nigeria is “on the verge of becoming a net exporter of refined fuel, powered by Africa’s largest refinery in Lagos, Nigeria: the Dangote Refinery.”
The vice-president also urged African nations to embrace innovation, domestic production and industry-led growth. He stressed that prosperity should be built from within national economies and not depend on external aid or imports. ([turn0search16])
The Dangote Refinery, located in Ibeju-Lekki, Lagos, is among the world’s largest single-train refineries with a capacity of 650,000 barrels per day.
Since its commissioning in 2023 and start of full operations in 2024, the facility has dramatically reduced Nigeria’s dependence on imported refined fuel products. Recent data show that local refining has cut petrol imports to multi-year lows.
The refinery has also increased exports of refined products such as diesel, jet fuel and other petroleum outputs to regional and global markets, helping shift Nigeria’s position in the petroleum trade.
Officials and industry analysts say the refinery’s operations are helping reduce foreign exchange outflows tied to fuel imports. One senior refinery official said the facility has saved Nigeria over ₦10 billion annually by replacing imported fuels with locally refined products and strengthening energy supply security.
The refinery’s output has also helped expand Nigeria’s shipping and trade footprint, turning the country into a growing maritime hub for refined fuel logistics and exports.
Why This Matters
Energy independence: Becoming a net exporter may reduce Nigeria’s reliance on foreign refined fuel imports and boost economic sovereignty.
Foreign exchange savings: Local production helps conserve forex that would otherwise be spent on imports.
Trade and industry: Increased exports of refined products can strengthen Nigeria’s regional trade role and industrial competitiveness.
Shettima’s remarks underscore the role of domestic production in national growth strategies.
As the Dangote Refinery continues scaling up output and distribution, policymakers and industry stakeholders will monitor how refining capacity can contribute to broader economic objectives and export performance.
