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Dangote Refinery will generate $21billion, to employ over 100,000 youths
Dangote Refinery will generate $21billion, to employ over 100,000 youths
Amid encomium from eminent personalities, which included President Mohammadu Buhari and five other African heads of state, President of the pan-African Conglomerate, Dangote Industries Limited (DIL), Aliko Dangote disclosed yesterday that the newly commissioned 650,000pbd refinery would employ over 100,000 Nigerians youths as well as generate over $21 billion, therefore saving the country huge forex, that would have been used for fuel importation. The company, according to him, now has over 33,000 employees.
Much to the excitement of Nigerians, Dangote said the commissioning has marked the beginning of the new journey of self-sufficiency in refined petroleum products and exportation of the same just as has been achieved in Cement and lately fertiliser.
Dangote lamented that the current fuel crisis has had a negative impact on the nation’s economy and that informed his decision to build a world class refinery that would change the trend and that though faced challenges but decided to trudge on.
He highlighted events leading to his firm deciding to build its own refinery after his attempt to acquire one of the existing moribund did not materialize noting that he decided to change marketing strategy and settle for gigantic project ever undertaken by an individual world over.
According to him, the refinery plant would be run at the highest effective and efficient level for maximum benefits to all Nigerians noting “we will replicate what we achieved in cement and fertilizer by attaining self-sufficiency and becoming net exporter.
Dangote assured Nigerians that 40 per cent of the production capacity will be available for export with the coming on stream of the plant guaranteeing raw materials for plastic, and pharmaceutical industries.
In his remark, President Buhari congratulated Dangote Group, saying “the 650,000 barrels a day of crude which will enable our country to achieve self-sufficiency in refined products and even have some supplies for export saying the government and people of Nigeria are proud of the doggedness and tenacity of Dangote as entrepreneur.
Said he; “This feat at this time of the nation’s economic development clearly made this event a notable milestone for our economy and the game changer for the downstream petroleum products not only for Nigeria but the entire African continent. Dangote Group has helped transform our economy from heavy import dependence to a net exporter in some critical industries, including cement and Fertiliser.”
He noted that the economy which has been stressed for many decades by huge deficits in economic infrastructure and over a decade of insurgency has also been severely impacted by several external crises, including the global financial crisis, the collapse of world crisis the Coronavirus pandemic and the Russia Ukraine war.
“The consequences of these challenges constitute a severe strain on our economy and limiting government’s ability to provide basic infrastructure without resorting to borrowing. Government therefore decide 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 recognize that without active participation of the private sector and a strong commitment to public-private partnership, the economy will not be able to continue to meet the challenge and economic growth”, while expressing the hope that the coming administration will continue to apply such innovative schemes to accelerate the fruition of critical infrastructure, in particular roads and gas pipelines.
Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele while commending Mr. Dangote for the successful completion of the refinery project said it would not only aid that nation’s domestic petrol needs, but also help in generating export revenues for our country.
Emefiele recalled; “In September 2013, when Alhaji Aliko Dangote announced his plans for the refinery, it was estimated to cost about US$9 billion, of which US$3 billion was projected as equity investment by the Dangote Group and the balance financed through commercial loans. Due to an array of factors, the project was eventually completed with a total of US$18.5 billion with funding distributed into 50 percent equity investment and 50 percent debt finance. I am proud to state that the commercial loan component of the project was financed majorly by our domestic banks with the balance sourced from foreign banks. The Central Bank of Nigeria also partnered, as always, with the Dangote Group in ensuring the successful completion of the project by providing about N125 billion, to cover domestic currency requirements for the venture.
“What you may not be fully aware of, Your Excellencies, is that the Dangote Group has started repaying some of the commercial loans even before the commissioning of this facility. This reflects the commercial capability of the Group and its Chairman. I am pleased to inform everyone today that, following extensive repayments, outstanding debt has dropped appreciably from over US$9 billion to US$3 billion.”
The CBN Governor commended Nigerian banks saying they did not only partnered with the project through effective financing but were keenly aware of the importance of the project for our nation. “They provided immense support and exceptional understanding, even when interest payments and principal repayment had fallen due.”
He described the successful completion of the refinery to President Buhari’s astute vision to ensure that Nigeria produces what Nigerians consume and that we consume what we produce. “The refinery and petrochemical project by the Dangote Group is a testament to your vision for Nigeria. It shows that, regardless of what the world thinks, Nigeria can be self-sufficient in all products that we consume and at the same time export our excess output to the rest of the world.”
“Aside from enumerating our strategic efforts in the agriculture and other critical sectors, a sterling project that we highlighted was the gigantic Dangote Refinery and Petrochemical project. The world doubted our willpower to succeed with this project. In hindsight, I could appreciate their scepticism because they do not understand how a single individual could build a refinery capable of serving an entire nation. To them, projects of this magnitude are usually only undertaken by sovereigns, not individuals.”
Group Managing Director of the Nigerian National Petroleum Company Ltd (NNPC), Mele Kolo Kyari said the NNPC was happy to partner Dangote Refinery because the project has potentials for smooth supply of petroleum and it would guarantee healthy competition for the benefits of the nation’s economy.
He said the NNPC Ltd. was committed to value addition to the potentials of the project noting that the new Petroleum Industry Act will provide security of supply of refined products and protect the plant. The NNPC boss added that his was happy the refinery is coming on board at a time the subsidy on imported products has become unbearable for the government.
In their respective goodwill messages, Presidents of Ghana, Senegal, Niger, Benin Republic and Chad expressed satisfaction that the Dangote Refinery will serve the West African region and that their countries would be beneficiaries saying the Dangote Refiner is an African company for Africa by an African entrepreneur.
Nigeria: Achebe’s Warning Ignored, A Nation in Relapse
By George Omagbemi Sylvester
In 1983, Chinua Achebe wrote The Trouble with Nigeria, a prophetic and piercing essay that diagnosed the cancer eating away at the soul of the nation: leadership failure. Four decades later, Nigeria remains trapped in that same diagnosis—only now the disease has metastasized. Achebe declared, “The trouble with Nigeria is simply and squarely a failure of leadership.” Today, that truth echoes louder than ever. Nigeria is not just stagnating; it is regressing, teetering on the brink of political decay, economic catastrophe, and national disintegration.
A Nation Led into the Abyss
Achebe’s critique was made during the Second Republic, under the presidency of Shehu Shagari. He decried the corruption, tribalism, mediocrity, and lack of vision that defined leadership in Nigeria. Fast forward to 2025, and the country finds itself in a far worse state. Despite transitioning through multiple republics, military regimes, and democratic experiments, the core issue remains unresolved. Leadership, instead of evolving, has become more predatory, more aloof, and more disconnected from the common man.
Under the All Progressives Congress (APC) since 2015, Nigeria has witnessed a level of decay that can no longer be blamed on colonial legacies or external interference. The Nigerian naira has plummeted from ₦199 to the dollar in 2015 to over ₦1,300 by 2025. The inflation rate, currently at 33.2% (NBS, 2025), has crushed the purchasing power of millions. Public education and health care systems are on life support. Insecurity, which Achebe saw in its infancy, has now become a raging fire consuming communities across the nation—terrorism in the North, banditry in the North-West, and secessionist unrest in the South-East.
Leadership by Ethnic Arithmetic
Achebe warned about tribalism being weaponized for political gain. He wrote, “There is nothing wrong with the Nigerian character. The problem is with the Nigerian leadership.” Today’s leaders, rather than uniting Nigeria’s 250+ ethnic groups under one national identity, continue to exploit these divisions to consolidate power. The presidency is often seen not as a national institution but a prize to be rotated among ethnic regions, with little regard for competence, integrity, or policy direction.
Instead of promoting meritocracy, Nigeria’s political elite has normalized mediocrity, rewarding loyalty over performance. Leadership appointments are made not based on national interest but ethnic appeasement and nepotistic alliances. This is evident in the lopsided federal appointments, the marginalization of minority groups, and the weaponization of federal might against perceived political enemies.
A Broken Social Contract
When Achebe wrote The Trouble with Nigeria, he still had hope for national reform. Today, that hope is barely visible in the eyes of everyday Nigerians. The social contract between the people and the state has been violated beyond recognition. Citizens pay taxes, not in return for services, but as bribes to survive an oppressive bureaucracy. Power supply is erratic, roads are death traps, and public institutions are riddled with inefficiency and fraud.
Nigeria ranks 150 out of 180 countries on Transparency International’s Corruption Perception Index (2024). Despite creating anti-corruption agencies such as the EFCC and ICPC, corruption has become institutionalized. Looters are recycled into government, while whistleblowers are hunted. Public funds meant for infrastructure, education, and healthcare vanish without trace, and there are rarely consequences.
From Oil Giant to Beggar Nation
Achebe observed that Nigeria’s oil wealth could become a curse if not managed properly. That curse is now reality. Nigeria, despite being Africa’s largest oil producer, has become a net importer of refined petroleum products due to the collapse of domestic refineries. Billions are wasted annually on fuel subsidies, which benefit a corrupt cartel rather than the average citizen. Meanwhile, unemployment is at a staggering 43.5% among youth (NBS, 2025), leading to mass migration, brain drain, and rising crime rates.
Ironically, Ghana—once seen as trailing behind Nigeria—has become a destination for fleeing Nigerian professionals. This reversal of roles highlights the absurdity of Nigeria’s failure. Countries with far less natural and human resources have overtaken Nigeria in education, healthcare, infrastructure, and global perception.
Education and the Collapse of Hope
Achebe lamented the decline of values in the Nigerian educational system, a decay which has now reached a crisis point. Public universities are constantly shut down due to strikes. ASUU, the academic union, remains in a perpetual battle with the government over salaries and working conditions. The result? A generation of half-educated youths with little critical thinking skills and even less hope for employment.
Private education, now a multibillion-naira industry, has become a survival mechanism for the elite. The poor are condemned to overcrowded classrooms, underpaid teachers, and outdated curricula. Without urgent reform, Nigeria risks producing a generation incapable of competing in a globalized world—what Achebe once described as “a people sleepwalking into irrelevance.”
The Deafening Silence of the Elite
Another of Achebe’s frustrations was the complicit silence of Nigeria’s intellectual and economic elite. Today, that silence has become a deafening betrayal. Billionaires and technocrats, instead of leading advocacy for good governance, have retreated into gated mansions in Lagos, Abuja, and abroad. Many have dual citizenships, foreign accounts, and exit strategies should Nigeria collapse.
Meanwhile, the common man is left to confront the harsh realities of fuel queues, bandit attacks, police extortion, and daily humiliation. A country of over 200 million people cannot continue to be ruled like a private estate. Achebe warned us about this elite indifference. We did not listen.
Is There Hope?
Achebe never gave up on Nigeria—neither should we. But hope, like faith, without works is dead. Nigeria must undergo radical leadership renewal. The political class must be dismantled and rebuilt. Meritocracy must replace mediocrity. National interest must supersede ethnic favoritism. Elections must be free and credible, not stage-managed rituals.
Civil society must rise. The youth must awaken—not with hashtags alone, but with concrete action: organizing, voting, holding leaders accountable. The media must remain the watchdog of the nation, not the lapdog of the elite. And above all, Nigeria must return to the ideals of justice, equity, and accountability.
Conclusion
Achebe’s The Trouble with Nigeria is not a relic of the past. It is a living mirror that continues to reflect the rot we have refused to address. His words should be required reading for every Nigerian politician, civil servant, and voter. Until Nigeria confronts the leadership question head-on, there will be no progress—only recycled chaos.
The tragedy is not that Achebe was wrong. It is that he was right, and we still chose to ignore him.
“From Emilokan to Emergency: The Tragedy of Tinubu’s Unprepared Presidency”
By George O. Sylvester
When Bola Ahmed Tinubu thundered “Emilokan”; Yoruba for “It’s my turn”, during his now-infamous declaration of presidential ambition, it resonated not as a call to serve, but as a personal entitlement. The former Lagos governor, long regarded as a political tactician lurking in the shadows of power since the early 1990s, assumed the presidency in 2023 with the self-proclaimed aura of inevitability. But barely a year into his tenure, it has become glaringly evident: Bola Ahmed Tinubu was profoundly unprepared for the very office he schemed, plotted, and politicked for over three decades to attain.
This is no longer just political opinion, it is the lived reality of over 200 million Nigerians now burdened by escalating poverty, insecurity, and economic hopelessness. The man who once strutted the corridors of Bourdillon like a kingmaker has proven to be a disaster in office, leading with a detachment so severe it borders on abdication.
A President Abroad: Governance by Absence
Since assuming office, President Tinubu has spent an estimated 70% of his leadership days in Europe or elsewhere outside Nigeria. From medical trips cloaked as “private visits” to diplomatic shuttles that yield no visible results, his preference for foreign soil has turned Nigeria’s highest office into a revolving door of absenteeism.
Economic analyst Dr. Ayo Teriba did not mince words when he recently remarked, “We are in a leadership vacuum. The ship is rudderless while the captain watches from a distant shore.”
This chronic absence undermines not only the operational machinery of governance but the symbolism of leadership. In a nation grappling with multidimensional poverty, a spiraling exchange rate, and unprecedented inflation, the least citizens deserve is a president who is physically and mentally present.
Policy Catastrophe: A Clueless Economic Agenda
Tinubu’s first act as president was the abrupt removal of fuel subsidy, an economically necessary but grossly mishandled decision. Implemented without a cushion or plan, it triggered a tsunami of inflation that devastated the already impoverished populace. Transportation costs doubled overnight. Food prices soared. Businesses collapsed under the weight of erratic fuel supply and unaffordable diesel.
Renowned economist and former CBN Deputy Governor Kingsley Moghalu summed it up sharply:
“Sound economic reform is not about bravado. It’s about sequencing, communication, and empathy. None of these were present in the Tinubu administration’s fuel subsidy removal.”
The naira, which was ₦460 to $1 in May 2023, has plummeted to over ₦1,400 within months, despite empty promises of “market reforms.” The CBN remains directionless, mired in confusion and panic-driven policies. Inflation now stands at over 33%, with food inflation nearing 40%, according to the National Bureau of Statistics (NBS).
Tinubuomics: Tax the Poor, Enrich the Powerful
Under Tinubu, fiscal policy has turned predatory. New taxes and levies are imposed almost monthly, squeezing an already overburdened informal sector. Yet the same administration refuses to cut government waste, reduce the bloated cost of governance, or hold political elites accountable.
“Tinubu’s economic strategy is a tale of punishing the poor while protecting the powerful,” said Professor Pat Utomi. “The government has become a collection agency for the elite.”
Instead of addressing structural issues, the administration obsesses over optics, renaming airports, appointing redundant aides, and holding international meetings that produce no real investment or outcomes.
Security in Shambles: A Nation Under Siege
The security situation remains dire. Boko Haram, bandits, unknown gunmen, and kidnappers continue to run riot. In Plateau, Zamfara, Kaduna, and even the FCT, citizens live in fear. There is no sense of urgency or coherent national security policy from the presidency.
Just weeks ago, over 300 schoolchildren were kidnapped in Kaduna in one swoop, yet Tinubu issued no national address. Former National Security Adviser Col. Abubakar Dangiwa (rtd) lamented, “There is no soul in this leadership. They do not feel the pain of the people.”
The Tinubu Myth: A Manufactured Legacy
Much of Tinubu’s rise was built on the myth of his “Lagos success.” But Lagos is not a model of good governance, it is a privatized state run by cronies. Its development has been largely driven by federal allocation and private sector investment, not Tinubu’s genius. In fact, Lagos ranks low in transparency, urban planning, and public education outcomes compared to other African megacities.
“What we see in Lagos is state capture, not development,” noted Dr. Chidi Odinkalu, former Chairman of the National Human Rights Commission.
Cronyism and Nepotism: The Emilokan Manifesto in Action
Tinubu’s appointments so far reflect not merit but patronage. Political loyalists, ex-governors with corruption cases, and family members dominate the corridors of power. From the Central Bank to the Customs, Tinubu’s cronies are embedded, deepening Nigeria’s institutional decay.
It’s not “Renewed Hope” na 💯 recycled failure.
The Global Image Crisis
On the international stage, Nigeria’s reputation is now synonymous with instability. Investor confidence is at an all-time low. Global brands are exiting Nigeria, Procter & Gamble, GlaxoSmithKline, and others, citing policy inconsistency and economic chaos.
“Nigeria under Tinubu is not a place for business. It is a place for survival,” said Dr. Obadiah Mailafia before his untimely death. His words remain prophetic.
From Hope to Hopelessness: The Nigerian Mood
Ask the average Nigerian today what they think about the Tinubu administration, and you’ll be met with silence, sarcasm, or outright rage. The streets no longer chant “Emilokan”; they mutter “Wahala no dey finish.” The illusion has shattered. The so-called national messiah has become a symbol of elite entitlement and failed leadership.
As Nobel Laureate Wole Soyinka once warned, “The man dies in all who keep silent in the face of tyranny.” It is time Nigerians spoke loudly against this deception masquerading as governance.
In conclusion: A Call for Reckoning
Tinubu’s presidency is not just a failure, it is a betrayal. A betrayal of the youth who voted for change. A betrayal of the suffering poor. A betrayal of democratic ideals, and stolen mandate. History will not remember Bola Tinubu as a reformer. It will remember him as a man who schemed for power but squandered it in spectacular fashion.
There is still time for correction, but not under this leadership. Nigeria deserves more than recycled ambition. We need courage, vision, and competence.
Until then, the nation waits. And suffers.
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