Africa’s richest man, Aliko Dangote, has issued a scathing assessment of Nigeria’s state-owned refineries, declaring them obsolete and beyond revival despite decades of costly rehabilitation efforts. Speaking during a high-profile tour of the $20 billion Dangote Refinery in Lekki, Lagos, the industrialist said he has no confidence that the refineries in Port Harcourt, Warri, and Kaduna will ever function optimally, regardless of future investments.
Dangote’s remarks, made before members of Global CEO Africa, were published in Punch on Friday, July 11, 2025. In his candid appraisal, he likened the Nigerian National Petroleum Company Limited (NNPCL)-managed refineries to aging vehicles with bodies too frail to withstand modern upgrades.
“Even if you change the engine, the body will not be able to take the shock,” Dangote said. “You’re basically trying to retrofit a 40-year-old car with a brand-new electric drivetrain—it’s not going to work.”
$18 Billion Spent With Little to Show
The state-owned refineries have consumed over $18 billion in public funds for turnaround maintenance and repair over the past three decades, yet none currently produce refined petroleum products at commercial levels. Despite repeated promises from successive administrations, the facilities remain dormant, forcing Nigeria—a top oil producer—to rely on expensive fuel imports to meet local demand.
Dangote’s criticisms come as Nigerians continue to face the harsh realities of fuel scarcity, price hikes, and subsidy removal impacts. The billionaire emphasized that a shift toward private-sector-driven solutions is the only viable path for the country’s downstream oil sector.
Recounting his past involvement, Dangote revealed that he had once acquired the refineries during the administration of President Olusegun Obasanjo in 2007.
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