President Muhammadu Buhari on Monday in Lagos, inaugurated the Dangote Petroleum Refinery and Petrochemical, describing it as a game-changer and milestone for Nigeria’s ailing economy.

At the event graced by top African leaders, among them, Presidents Nana Akufo-Addo (Ghana), Mahamat Déby (Chad), Mohamed Bazoum (Niger), Macky Sall (Senegal), and Faure Gnassingbé (Togo), an elated President Buhari, said the refinery, the largest single-train facility in the world with a capacity to process 650,000 barrels of crude a day, would enable Nigeria to achieve self-sufficiency in refined products and a surplus for export.

“This clearly makes this event a notable milestone for our economy and a game changer for the downstream petroleum product market not only in Nigeria but the entire African continent,” he said.

Buhari noted that Nigeria’s economy, which had witnessed decades of huge deficits in economic infrastructure and over a decade of insurgency, had also been severely affected by several external crises, including the global financial crisis, the collapse of oil prices, the coronavirus pandemic, and the Russia-Ukraine War.

According to him, the consequences of these challenges constitute a severe strain on our economy, limiting the government’s ability to provide basic infrastructure without resorting to huge borrowing.

He said the government must therefore pay attention to 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.

In his welcome address, Aliko Dangote disclosed that the first product of the $12 billion facility “will be in the market before the end of July, beginning of August this year”.

“Beyond today’s ceremony, our first goal is to ramp up production of the various products to ensure that within this year, we’re able to fully satisfy our nation’s demand for higher quality products,” he said.

Dangote noted that the project was aimed to enable Nigeria eliminate the tragedy of import dependency and stop — “once and for all” — toxic, substandard petroleum products from being dumped in Nigeria’s market.

“Beyond this, we intend to ensure that our plants are run at the highest capacity of utilisation and the highest efficiency to enable us to export competitively to other markets, especially in the ECOWAS and wider regions in which 53 countries out of 55 are dependent on imports to meet their petroleum products demand,” he added.

On his part, the President-elect, Bola Tinubu, said the inauguration was one of the greatest in the contemporary annals of Nigeria’s history.

Represented by the Vice President-elect, Kashim Shettima, Tinubu said the accomplishment was highlighted by the “huge” prospects of the “gigantic” project for reversing Nigeria’s reliance on imported petroleum products.

He noted the refinery will also generate a “humongous” quantum of jobs and stablise the naira, adding that the factory is bound to leave a sizable impact on the growth and development of the country’s economy, while positively influencing the lives and wellbeing of the people.

He commended “Dangote and The Dangote Group on not only envisioning this significant project but for their courage, resilience, and team power in bringing this edifice to fruition.”

Governor Babajide Sanwo-Olu, in his remarks, said that “Dangote has put Africa on the global map and we are proud of his achievements,” the Lagos governor stated.