Should Nigeria Invest Part of Its Foreign Reserves in Dangote Refinery?

Dangote Refinery, with a capacity of 650,000 barrels per day, is larger than all of Nigeria’s other operating refineries combined. Nigeria also has more than $54 billion in foreign reserves, much of which appears to be sitting idle. Should the Federal Government invest a portion of those reserves, perhaps $9 billion to $14 billion, to acquire a stake in the refinery? Such an investment could support jobs, local fuel supply, and wider economic growth. I believe this would be a better use of public resources than spending heavily on projects such as the Lagos-Calabar Coastal Highway. Rather than allowing public funds to be diverted into wasteful priorities, the government should consider strategic investments that strengthen Nigeria’s productive economy.

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