Shettima Says With Dangote Refinery, Nigeria On The Verge of Becoming Net Exporter of Fuel

Shettima made the declaration last Thursday while speaking at the High-Level Accra Reset Initiative meeting held on the sidelines of the 2026 World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, where he called for homegrown solutions to Africa’s economic challenges.

According to the Vice President, Nigeria’s transition from decades of fuel import dependence to refined fuel export marks a defining moment for the country and the continent, demonstrating what is possible when African capital aligns with industrial ambition.

“After decades as a net importer of value, Nigeria is on the verge of becoming a net exporter of refined fuel, powered by Africa’s largest refinery in Lagos, the Dangote Refinery, Africa cannot rise on applause alone. We rise when we build,” Shettima said.

He stressed that the development underscores the importance of domestic productive capacity, noting that prosperity cannot be imported or “parachuted in,” but must be built through local industry, infrastructure, and clear policy direction.

Shettima observed that Africa’s manufacturing contribution to GDP had declined from about 16 per cent in 1980 to less than 10 per cent by 2016, but said the continent now has an opportunity to leapfrog through technology, modular factories, artificial intelligence, and robotics.

The Vice President also highlighted the role of human capital and mobility in driving growth, recalling that Africans in the diaspora sent home an estimated $95 billion in remittances in 2024, an amount roughly equivalent to total foreign direct investment into the continent.

Describing the Accra Reset Initiative as a bold reimagining of Africa’s shared future, Shettima said Nigeria’s experience reinforces a simple lesson: “wealth created from within is enduring,” while dependency on external aid remains fragile.

The comments reinforce growing optimism that the Dangote Refinery could significantly reshape Nigeria’s energy landscape, improve foreign exchange earnings, and reposition the country as a key player in regional and global fuel markets.