Dangote Refinery: Nigeria Owes Aliko Dangote Debt of Gratitude, Says RMRDC Boss
By Patience Ikpeme
The Director-General of the Raw Materials Research and Development Council (RMRDC), Professor Nnanyelugo Ike-Muonso, has stated that Nigerians owe a profound debt of gratitude to Aliko Dangote for his investment in the Dangote Petroleum Refinery, describing it as a transformative asset for the nation’s industrial future.
Delivering the keynote address at the 10th anniversary of the Bullion Lecture in Lagos on Thursday, Professor Ike-Muonso joined public policy analysts and government officials in praising the strategic foresight and industrial courage of the President of Dangote Industries Limited. The lecture, themed “From Resources to Prosperity: How Raw Materials Development, Value Addition and Innovation Can Catalyse Nigeria’s Industrial Renaissance,” served as a platform to examine the shift from commodity exports to domestic processing.
Professor Ike-Muonso noted that the refinery represents a decisive departure from Nigeria’s historical dependence on crude oil exports that offered minimal domestic value. He pointed out that for decades, the country exported raw crude only to re-import refined products like Premium Motor Spirit (PMS) at a significant economic disadvantage.
“That narrative has now changed,” the RMRDC Chief stated. “Instead of exporting crude and importing PMS alone, the Dangote Petroleum Refinery processes crude locally to produce PMS, diesel, dual purpose kerosene (DPK), and valuable by-products for petrochemicals such as polypropylene. This represents complete domestic value addition.”
The Director-General framed the refinery as a stabilizing force in the face of global energy volatility caused by ongoing instability in the Middle East. He suggested that the facility serves as an African-led solution to global energy challenges and a model of self-reliance.
“With the far-reaching consequences of the Middle East crisis on global energy markets, the Dangote Petroleum Refinery stands today as a monumental demonstration of strategic foresight, industrial courage and African self-reliance,” he said. “Nigeria should, in fact, be praying for Aliko Dangote at this time.”
Sharing comparative data on raw-material value addition, Professor Ike-Muonso revealed that Nigeria records the lowest percentage of value addition among peers like the United States, India, Brazil, and South Africa. He disclosed that the country loses an estimated $29 billion annually by exporting raw materials without processing, a situation worsened by the domestic energy deficit. He argued that Nigeria must pivot toward exporting finished products rather than raw commodities.
He identified several structural hurdles to this industrial shift, including the “private infrastructure tax” paid by companies forced to generate their own power, logistics gaps where only 30 percent of roads are paved, and capability gaps within the industrial sector. Despite these challenges, he maintained that sustained industrialization, modeled by investments like those of Dangote Industries, remains the most viable path to prosperity.
Supporting this view, Otunba Kelvin Dele Oye, former President of NACCIMA and Chairman of the Economic Research and Ethics Committee, criticized the current imbalance where foreign investors exploit Nigeria’s raw materials with little benefit to the local economy. He called for stricter regulatory vigilance and government policies that enable local investors to compete effectively.
The event, organized by the Centre for Financial Journalism, also featured the launch of a commemorative book titled “Pathways to Nigeria’s Socio-Economic Transformation.” Authored by Mr. Ray Echebiri, the book documents a decade of insights from the Bullion Lecture series aimed at shaping national policy.
