Buhari Made A Big Mistake,” Dangote Says As Investors Shun NNPC Refineries

According to Ireporter Online, Africa’s richest man and Dangote Group chairman, Aliko Dangote, has raised concerns over the investment climate in Nigeria’s refinery sector, stating that no investor would be willing to purchase the refineries owned by the Nigerian National Petroleum Corporation (NNPC) Limited.

Dangote, speaking during a press briefing in Lagos on Sunday, explained that the nation’s operational and regulatory environment discourages investment in the sector. He emphasized that even if the government were to put the refineries up for sale, there would likely be no buyers.

“The reality is that nobody will come and invest in this type of venture. Even if the NNPC decided to sell the refineries today, there would never be a buyer because the environment is not conducive for anyone to invest in building or operating a refinery,” Dangote stated.

He attributed part of the problem to the previous administration of former President Muhammadu Buhari, accusing it of making a strategic error by appointing a trader as a regulator, which he described as a “mismatch” that led to regulatory mismanagement.

“This misstep has created a challenging investment climate, discouraging both local and foreign investors. The crisis we are experiencing stems from this, and what is most concerning is the high cost the country continues to pay,” Dangote added.

Nigeria’s refineries, located in Port Harcourt, Warri, and Kaduna, have a combined refining capacity of 445,000 barrels per day.