‘We’re building market for production reward’: Tinubu, Dangote discuss energy sector challenges

President Bola Tinubu, on Tuesday evening, received billionaire businessman Aliko Dangote at the Presidential Villa in Abuja for a private meeting.

Though brief and undisclosed, the meeting highlights the federal government’s support for private-sector-led growth in the oil and gas industry.

The engagement followed Tinubu’s June visit to the 650,000-barrel-per-day Dangote Refinery and Petrochemicals in Lagos.

Earlier on Tuesday, Tinubu welcomed delegates to the West African Refined Fuel Conference via a post on X.

The president stressed Africa’s urgent need to take a stronger position within the global energy markets and reduce dependency on external pricing.

“Africa can no longer remain a price taker for its resources. It is time to establish credible, transparent benchmarks that reflect our realities and protect our economies,” Tinubu stated.

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He also revealed that Nigeria is collaborating with regional partners to create a unified African energy market.

“From refining to regulation, data transparency to trade flows, Nigeria is working with regional partners to build an integrated market that rewards our production, secures energy for our people, and deepens prosperity across borders,” Tinubu added.

During the conference, Dangote addressed key structural problems affecting refinery developments across the continent.

In a presentation titled ‘Building an African Refinery Hub: Prospects and Challenges’, he outlined persistent difficulties.

“Besides poor infrastructure, our biggest problem lies in rent-seeking throughout the petroleum value chain across Africa,” Dangote noted.

He stated that the sector’s long-standing vulnerability to corruption and exploitation by vested interests.

“When a refinery disrupts this setup, it challenges powerful forces determined to resist and maintain the status quo,” Dangote said.

The Star