The Nigerian Economic Summit Group (NESG) has urged the Federal Government has been urged to support local industries to drive economic growth and meet the $1 trillion economy target.
The group said this during a visit to Dangote Fertiliser Limited and the Dangote Petroleum Refinery & Petrochemicals in Ibeju Lekki, Lagos. .
Commending Aliko Dangote for establishing the $20 billion refinery – the largest single-train refinery in the world – NESG Chairman, Mr Niyi Yusuf, stated that Nigeria needs more investments of this calibre to reach its $1 trillion economy goal.
He said:“To achieve a $1 trillion economy, much of that must come from domestic investments. I joked during the bus ride that while others are dredging to create islands for leisure, you’ve dredged 65 million cubic tonnes of sand to create a future for the country. This refinery, fertiliser plant, petrochemical complex, and supporting infrastructure are monumental,” he said. “My hope is that God grants you the strength, courage, and health to realise your ambitions, and that in your lifetime, a new Nigeria will emerge.”
He emphasised that such local industries are essential to Nigeria’s industrialisation and will help foster the growth of Small and Medium Enterprises (SMEs). He added that the NESG would continue to advocate for an improved investment climate to attract entrepreneurs, boost development, ensure food security, and address insecurity.
He lamented that Nigeria has become a dumping ground for foreign products and stressed that the country must support its own entrepreneurs to become global players. “It’s inconceivable that a nation of over 230 million people, with an annual birth rate higher than the total population of some countries, is still dependent on imports to feed its citizens.”
Yusuf also commended Dangote’s bold vision for making Nigeria self-sufficient in several key sectors.
“The NESG is grateful, and I believe the nation is as well. This refinery represents the audacity of courage. It takes immense effort to do what you’ve done and still be standing and smiling. Thank you for inspiring us and showing that nothing is impossible. You’ve transformed Nigeria from a net importer of petroleum products to a net exporter,” he said. “We’ve all read Think Big, but this is truly about thinking big. The message is clear: the private sector has the ability to bring about real change.”
Yusuf, alongside NESG board members and stakeholders, toured the refinery and fertiliser plants, lauding the level of investment, technology, and the sophistication of young Nigerian engineers running world-class laboratories and central control units.
He acknowledged Dangote’s perseverance and success in overcoming numerous challenges.
