Buhari Made A Big Mistake!’ Dangote Explains Why Nigeria’s Refineries Are Unsellable

Dangote made the remarks during a press briefing in Lagos on Sunday, noting that even if the Federal Government decided to sell the refineries, there would be little or no interest from investors.

According to him, Nigeria’s regulatory and operating environment has made investment in the downstream oil sector highly unappealing, discouraging potential entrants into refinery operations.

“At the price being paid today, nobody would come to invest in this kind of venture. Even if NNPC decides to sell its refineries, there will be no buyers because the environment is simply not conducive for anyone to commit capital to building or running a refinery,” he said.

Dangote further faulted the administration of former President Muhammadu Buhari, arguing that a critical error was made in the oil sector by appointing a trader to serve as a regulator, a move he described as fundamentally flawed.

“During the Buhari administration, a major mistake was made by placing a trader in a regulatory position. A trader cannot effectively function as a regulator; it was a clear mismatch,” he added.

He maintained that this regulatory misstep has worsened Nigeria’s investment climate, deterring both domestic and foreign investors.

“The challenges we are facing today stem largely from that decision, and unfortunately, the country is paying a heavy price for it,” Dangote said.

Nigeria currently has three government-owned refineries located in Port Harcourt, Warri, and Kaduna, with a combined installed capacity of 445,000 barrels per day.