Vice President Kashim Shettima says Nigeria is on the brink of becoming a net exporter of refined petroleum products, a shift he attributed to the operational capacity of the Dangote Petroleum Refinery in Lagos.
Shettima made the remarks on Thursday 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 urged African nations to pursue homegrown solutions to their economic challenges.
According to the Vice President, Nigeria’s transition from decades of dependence on imported fuel to refined product exports marks a defining milestone for both the country and the continent. He described the development as proof of what can be achieved when African capital is matched with industrial ambition.
“After decades as a net importer of value, Nigeria is now on the threshold of becoming a net exporter of refined fuel, powered by Africa’s largest refinery in Lagos—the Dangote Refinery,” Shettima said. “Africa cannot rise on applause alone. We rise when we build.”
He stressed that sustainable prosperity cannot be imported or “parachuted in,” but must be deliberately constructed through domestic industry, infrastructure development, and consistent policy direction.
Shettima noted that Africa’s manufacturing contribution to gross domestic product declined from about 16 per cent in 1980 to below 10 per cent by 2016, but said the continent now has a fresh opportunity to reverse the trend by embracing technology, modular manufacturing, artificial intelligence, and robotics.
The Vice President also underscored the importance of human capital and mobility in Africa’s growth trajectory, revealing that remittances from Africans in the diaspora reached an estimated $95 billion in 2024—an amount roughly equivalent to the total foreign direct investment flowing into the continent.
Describing the Accra Reset Initiative as a bold attempt to redefine Africa’s collective future, Shettima said Nigeria’s evolving energy story reinforces a central lesson: wealth generated internally is durable, while dependence on external aid remains fragile.
The remarks add to growing optimism that the Dangote Refinery could transform Nigeria’s energy sector, boost foreign exchange earnings, and reposition the country as a major supplier of refined petroleum products within Africa and beyond.
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