Dangote Refinery to Make Nigeria Net Exporter of Refined Fuel — Shettima
Vice-President Kashim Shettima has said the Dangote Petroleum Refinery will transform Nigeria into a net exporter of refined petroleum products, marking a major shift in the country’s energy and trade profile.
Shettima made the assertion during a High-Level Accra Reset Initiative meeting held on the margins of the ongoing 2026 World Economic Forum (WEF) Annual Meeting in Davos, Switzerland.
According to the Vice-President, the coming on stream of the 650,000 barrels-per-day Dangote refinery signals a decisive move away from Africa’s long-standing dependence on imported refined fuels, despite being a major crude oil–producing region. He described the project as a practical example of how home-grown solutions can address Africa’s structural economic challenges.
Shettima said Nigeria’s heavy reliance on fuel imports for decades drained foreign exchange, weakened local capacity and exposed the economy to global supply shocks. He noted that domestic refining capacity, led by large-scale private sector investments such as the Dangote refinery, would not only meet local demand but also create export surpluses for regional and global markets.
“The lesson for Africa is clear,” he said. “Our development challenges will not be solved by dependency but by deliberate investments in local value chains, industrial capacity and regional cooperation.”
The Vice-President also stressed that Africa must rethink its development model by prioritising production, technology transfer and intra-African trade. He argued that initiatives like the Accra Reset are essential for building consensus among African leaders on policies that favour self-reliance, competitiveness and sustainable growth.
Shettima highlighted Nigeria’s broader economic reforms, including efforts to stabilise the macroeconomic environment, attract private investment and deepen regional trade under the African Continental Free Trade Area (AfCFTA). He said these reforms are aimed at positioning Nigeria as an industrial and commercial hub for West Africa.
Participants at the meeting discussed strategies for resetting Africa’s economic trajectory, focusing on energy security, industrialisation, food systems and financing for development. The Accra Reset Initiative seeks to promote African-led solutions and coordinated action in response to global economic uncertainties.
The Dangote refinery, Africa’s largest single-train refinery, is expected to significantly reduce fuel import bills, conserve foreign exchange and create thousands of direct and indirect jobs. Analysts say its full operation could also stabilise fuel supply across the sub-region and strengthen Nigeria’s balance of trade.
The WEF Annual Meeting continues in Davos with global leaders, policymakers and business executives debating pathways for inclusive growth and economic resilience in a rapidly changing world.
