“Although regional enterprises such as Dangote consistently meet and even exceed quality benchmarks, we still rely heavily on importing products that do not meet these standards. It is crucial for the private sector to take the lead in driving industrialisation efforts across ECOWAS,” he stressed.
Commending the Dangote Group’s dedication to industrial growth, Touray emphasized the importance of stronger collaboration between governments and private businesses to accelerate economic development within the region. He also noted that the visit offered an invaluable opportunity to gain direct insight into the private sector’s expectations from ECOWAS.
Related read: Beyond oil (Envisioning a post-oil future)
The ECOWAS President highlighted the indispensable role of a well-rounded industrial policy in addressing persistent issues such as poverty, unemployment, and insecurity. He reaffirmed the Commission’s commitment to supporting the Dangote Group by easing market access across West Africa and beyond.
During an inspection of the refinery, Aliko Dangote, Chairman of the Dangote Group, reiterated that the refinery was conceived with a pan-African vision and is equipped to supply refined petroleum products throughout the sub-region.
“There have been widespread doubts about our ability to meet Nigeria’s domestic demand, let alone supply neighboring West African countries. Now, the delegation has seen the facts firsthand, which should motivate other nations to embark on similar large-scale industrial projects,” Dangote remarked. He warned that Africa’s dependence on imports is not sustainable over time.
“Continuing to import goods that we have the capacity to produce locally will keep us locked in a cycle of underdevelopment. This refinery stands as proof that we can construct large-scale, world-class infrastructure,” Dangote added.
He further highlighted the economic benefits of local refining, pointing out a significant drop in diesel prices since the refinery began operations last year.
“The economic impact of domestic refining became clear as diesel prices fell sharply following the refinery’s start of production.”
The Socio-Economic Rights and Accountability Project (SERAP) has launched legal proceedings against the Nigerian National Petroleum Company Limited (NNPCL) over allegations of failing to remit N500 billion to the Federation Account between October and December 2024.
This lawsuit follows reports from the World Bank indicating that out of N1.1 trillion generated from crude sales and other revenues in 2024, only N600 billion was transferred to the Federation Account, leaving a discrepancy of N500 billion unaccounted for.
In response to SERAP’s Freedom of Information request, NNPCL, through its legal counsel Afe Babalola and Co, contended that the Freedom of Information Act does not apply to the company.
Filed at the Federal High Court in Lagos under case number FHC/L/MSC/553/2025, SERAP is seeking a judicial order compelling NNPCL to provide a full accounting of the missing N500 billion and to remit the funds to the Federation Account.
Additionally, SERAP requests that the court require NNPCL to cooperate with relevant anti-corruption agencies to investigate the use and whereabouts of the funds, ensure their recovery, and hold those responsible accountable.
The organisation also demands that the suspected individuals be surcharged for the entire amount and handed over to anti-corruption authorities for prosecution.
SERAP maintains that NNPCL is legally bound to comply with the Nigerian Constitution (1999, as amended), the Freedom of Information Act, and international human rights and anti-corruption standards in fulfilling its statutory responsibilities.
Headline from ThisDay, June 2, 2025: “ECOWAS: Dangote Refinery Shines as a Beacon of Hope for Africa; Founder Envisions Continental Advancement”
Dr. Omar Alieu Touray, President of the ECOWAS Commission, praised the Dangote petroleum refinery, boasting a capacity of 650,000 barrels per day, as a symbol of hope for Africa’s future and a clear demonstration of the private sector’s vital role in fostering regional industrialisation.
Touray made these comments while leading a senior ECOWAS delegation on a visit to the state-of-the-art refinery situated in the Lekki Free Zone in Lagos, near the Atlantic coastline.
The delegation comprised prominent officials including ECOWAS Commissioner for Infrastructure, Energy and Digitalisation Sediko Douka; Commissioner of Internal Services Prof. Nazifi Abdullahi Darma; Director of Private Sector/SME Dr. Tony Luka Elumelu; and Dr. Touray’s Chief of Staff Hon. Abdou Kolley, among others.
“What I have seen today fills me with immense hope. Anyone doubtful about Africa’s potential should visit this facility. It represents the kind of vision and determination our continent urgently needs,” Touray said, visibly impressed by the refinery’s scale and technological sophistication.
“This surpasses my expectations. The capacity and quality across every aspect are outstanding. We applaud Alhaji Dangote for his faith in Africa, driven by a forward-thinking vision. This is the leadership we must nurture,” he concluded.