To deepen collaboration with domestic operators in major sectors of the Nigerian economy, boost local content and tap into the country’s abundant natural resources, the Nigerian Content Development and Monitoring Board (NCDMB) and Dangote Petroleum Refinery and Petrochemical Company have fostered partnership, especially in the fertilizer, oil and gas segments, maintaining that the listing of Dangote Fertilizer on the NGX will revolutionize the capital market and further consummate the economy
By Edu Abade
To boost diversification of the economy and local content implementation during the operational phase of the 650,000 barrels per day, the Nigerian Content Development and Monitoring Board (NCDMB) and the Dangote Petroleum Refinery and Petrochemical Company on Tuesday, June 24, 2025 inaugurated a Joint Technical Committee (JTC).
The ceremony, which was held at the Dangote Free Trade Zone, Ibeju-Lekki, Lagos State, marked a pivotal moment in fostering strategic collaboration between both institutions and is a significant move to reinforce local content development in the oil and gas sector.
Presided over by the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe and the Group Vice President, Oil and Gas, Dangote Group, Chief Edwin Devakumar,the event featured the formal sign-off of the Committee’s Terms of Reference (ToR), a guided tour of the refinery, other critical facilities and the official commencement of the JTC’s responsibilities.
The visit also featured the presentation of the certificate of the Nigerian Content Downstream Operator of the Year Award won by the Dangote Petroleum Refinery and Petrochemical Company at the inaugural Champions of Nigerian Content Awards in May.
Executive Secretary NCDMB made the presentation to the President of the Dangote Group, Alhalji Aliko Dangote, who expressed delight at the recognition, noting that he would display the certificate proudly at his office.
Ogbe congratulated the Dangote Group on the successful development and commissioning of the largest single train refinery in the world, as well as petrochemical and fertiliser plants, describing the projects as a “historic milestone” not only for Nigeria but for the entire continent.
He emphasized that the Dangote Refinery stands as a testament to the success of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010 and the transformative potential of Nigerian-led industrial projects.
“At an optimal daily production capacity of 650,000 barrels, this refinery will significantly enhance Nigeria’s energy security and contribute to the supply of refined petroleum products across West Africa. Nigerians have to own the plant and we have to make sure that the plant works well. We have to secure it, we have to maintain it,” he said.
NCDMB, he said, would continue to collaborate with Dangote Petroleum Refinery, while highlighting the need to ensure more value retention in the sector, as mandated by the Nigerian Oil and Gas Industry Content Development Act (NOGICD) 2010.
Urging strict compliance with Sections 32 and 33 of the NOGICD Act, with particular reference to local manpower utilization and requirements for NCDMB’s approval prior to the engagement of expatriates, he said, “The NOGICD Act stipulates that no expatriate can be employed in any organization in the oil and gas industry without the prior approval of the NCDMB. We will work with you. We have to protect jobs for Nigerians.”
He commended the company for training and employing Nigerian engineers, adding, “This collaboration must ensure qualified Nigerians are given opportunities across all operational roles. It is critical to job creation, skills development, and national capacity building in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.”
The NCDMB boss also urged Dangote Petroleum Refinery and Petrochemicals to support its initiative aimed at developing oil and gas industrial parks across the country to foster local content and manufacturing in the oil and gas sector.
He explained that the Nigerian Oil and Gas Parks Scheme (NOGaPS) seeks to create an enabling environment for Small and Medium Enterprises in the sector. NOGaPS was conceived by the Board to develop facilities close to oil fields where manufacturing of oil and gas components, as well as research and development, can be carried out.
“We would like Dangote to support one of our major activities, which is the oil and gas industrial parks scheme. The parks are aimed at creating an enabling environment for SMEs in the industry to do fabrication, among others, and create more jobs for Nigerians,” Ogbe said.
In his welcome address, Devakumar highlighted that the Dangote refinery project and NCDMB have been working together, promoting local content development during the construction stages of the project, adding, “We can’t say we have achieved everything, but there is opportunity to do more.
“We are grateful to the NCDMB for all their support and advice. As entrepreneurs, we are trying to optimize costs. It is a Nigerian and an entrepreneur-driven company. As a Nigerian company, the focus will be on Nigerian content. As an entrepreneur-driven company, it will be cost-focused.”
He underscored the long-standing commitment of the Dangote Group to national development and capacity building, maintaining that the Group’s vision is to grow Nigeria’s industrial landscape.
The high point of the visit was the inauguration of members of the committee, which was tasked with ensuring the implementation of local content in refinery operations. Its core objectives include promoting the use of Nigerian skilled manpower, services, and locally sourced materials in compliance with Section 3 of the NOGICD Act. They will also support Dangote Refinery in aligning its operational procedures with the Act’s requirements.
Speaking, Director of Corporate Services at NCDMB and chairman of the Committee, Mr. Abdulmalik Halilu, who expressed gratitude to the leadership of both organizations, restated the Committee’s dedication to upholding the highest standards of local content enforcement and fostering measurable outcomes that will benefit the Nigerian economy.
In a related development, during a visit to the Dangote Petroleum Refinery and Petrochemicals and Dangote Fertiliser Limited by capital market stakeholders Group Chairman of the Nigerian Exchange Group (NGX Group), Alhaji Umaru Kwairanga, commended Aliko Dangote for his contributions to the Nigerian economy, capital market and private sector development.
Kwairanga, who canvassed the listing of Dangote Petroleum Refinery and Dangote Fertiliser on the NGX, stated that it would represent a natural progression in the Dangote Group’s journey towards transparency, market leadership, and inclusive wealth creation.
Noting that the Nigerian capital market takes great pride in Dangote and his contributions to the economy, he commended the impact of the Dangote Petroleum Refinery on the Nigerian economy, stressing that the various initiatives introduced have provided much-needed relief to Nigerians.
Kwairanga recalled Dangote’s tenure as President of the Council of the Nigerian Stock Exchange, describing him as a visionary whose leadership shaped the capital market landscape.
“Through the listing of Dangote Cement Plc, Dangote Sugar Refinery Plc and NASCON Allied Industries Plc, among others, the Group has significantly deepened market liquidity, boosted investor confidence, and driven long-term value creation for shareholders,” he stated.
He maintained that the visit was more than a tour; it was a reaffirmation of the NGX’s commitment to aligning investment capital with national development goals.
Speaking Dangote, reaffirmed that the Group will soon list the Dangote Fertiliser Limited on the Nigerian Exchange (NGX), with the aim of revolutionising the capital market.
He assured shareholders that those investing in Dangote Fertiliser Limited would not need to worry about the value of the local currency, as the company operates within a dollarised business framework.
“So, what are we aiming to do to bring about a major revolution in the capital market? The main challenge is that many investors are hesitant, thinking, ‘If I invest my naira now, by the time I receive dividends in ten years, the Naira will have lost value.’ However, we are entering the market with a dollarized business model,” he stated.
Dangote further disclosed that the company is working on expanding its fertiliser plants to boost revenue, with a target dividend payment to shareholders exceeding $3 billion.
“In the next 40 months, our fertiliser business should generate $20 million in revenue per day. We are pushing hard. We expect to reach over $70 billion in revenue and possibly pay dividends of $3–4 billion. Our philosophy is to always think big,” he said.
He added that the Group is also strengthening its cement business by investing in new plants and targeting clinker exports to West African countries, which will boost revenue and provide better dividends for shareholders.
Praising the recent progress of the NGX, Dangote stressed that Nigeria needs companies like Reliance Industries Limited, which once held its Annual General Meetings in a stadium. Such companies, he noted, would stimulate the economy and encourage wealth distribution.
Maintaining that Nigeria cannot attain its $1 trillion economy target without a vibrant stock exchange, Dangote affirmed his continued engagement and support for the NGX, acknowledging its crucial role.
Vice President of Oil & Gas at Dangote Group, Edwin Devakumar, who led the delegation on a tour of the facilities, described the construction of the 650,000-barrel-per-day refinery as a monumental achievement that demanded immense courage, vision, and determination. He noted that the Group acted as its own Engineering, Procurement, and Construction (EPC) contractor for the refinery-a feat never before attempted at this scale.
He also stressed that the refinery has ensured Nigeria is no longer reliant on imports to meet its petroleum needs and is now exporting refined products to various continents worldwide.
Chief Executive Officer (CEO) of NGX, Temi Popoola; Managing Director and CEO of Central Securities Clearing System Plc (CSCS), Haruna Jalo-Waziri; CIS President, Oluropo Dada; ASHON Chairman, Sam Onukwe; CEO of NGX Regulation, Olufemi Shobanjo and CEO of Lagos Commodity Exchange, Akeredolu Ali, among other stakeholders attended the event..
