President of Dangote Group, Aliko Dangote, has called for urgent measures to address the estimated $7 billion debt owed by oil and gas operators to Nigerian banks, warning that the huge financial exposure could undermine domestic financing for the industry and constrain efforts to increase crude oil production.
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Dangote said the Central Bank of Nigeria and commercial banks should work together to restore confidence in the petroleum sector and unlock more funding for operators.
He spoke on Wednesday as keynote speaker at the Executive Session of the 44th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists in Lagos.
Dangote said Nigerian banks should be able to provide more financing for indigenous oil and gas operators rather than leaving them excessively dependent on foreign sources of capital.
He identified trust, transparency and good corporate governance as critical to resolving the financing challenges facing the sector and attracting fresh investment.
According to him, rebuilding confidence in the oil and gas industry would encourage financial institutions to reconsider their lending appetite, particularly as operators require substantial long-term funding to develop discovered fields, expand production and invest in fresh exploration activities.
Dangote also urged Nigeria to accelerate investment in petrochemicals, arguing that the country could generate substantially more value from its hydrocarbon resources by expanding beyond crude oil production and refining.
“If you invest $20 billion in the chemical industry, I can tell you, you can have a revenue of not less than $30 billion. And out of that $30 billion, most of it will be profit,” he said.
He maintained that Nigeria’s economic transformation should not depend solely on crude oil production and refining but should extend to petrochemical manufacturing and other industrial activities capable of generating greater value from the country’s hydrocarbon resources.
Dangote also identified inconsistency in government policies as a major obstacle to investment.
He said investors needed predictable regulations, political stability and confidence that policies announced by the government would be sustained.
According to him, the government must go beyond announcing reforms and demonstrate consistency in their implementation so that investors can be confident that their projects will remain commercially viable throughout their lifespan.
Dangote also questioned the adequacy of Nigeria’s target of producing three million barrels of crude oil per day by 2030, describing it as insufficiently ambitious.
He recalled that Nigeria and the United Arab Emirates had previously set their sights on achieving production levels of 4.2 million barrels per day by 2024 and questioned why Nigeria should now settle for a target of three million barrels per day.
He urged the country to adopt more aggressive production targets and intensify exploration if it intends to compete effectively for international energy investments.
Dangote also called for increased investment in local technical capabilities and advanced exploration technologies to improve geological understanding, reduce operational risks and support the discovery and development of new reserves.
According to him, Nigeria cannot sustain long-term production growth without continually replacing depleted reserves through exploration and the development of discovered resources.
He further identified reliable electricity, modern transport infrastructure, affordable long-term financing, strong local supply chains and a technically skilled workforce as essential requirements for industrialisation.
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