Dangote Refinery Could Boost Nigeria's GDP to $600bn

Bismarck Rewane, the Chief Executive Officer of Financial Derivatives Company, projected that Nigeria's economy could expand to $600 billion by 2030, primarily due to increased private-sector investment and the impact of large industrial projects like the Dangote Petroleum Refinery. Speaking in Abuja during an investor roadshow for the planned initial public offering of the refinery, which has a capacity of 700,000 barrels per day, Rewane indicated that Nigeria's nominal Gross Domestic Product could rise from a 2025 baseline of $278 billion to $600 billion by 2030.

He forecasted annual real GDP growth could increase from four percent to between seven and eight percent, assuming inflation moderates and oil production rises from 1.5 million barrels per day to 2.2 million. Rewane detailed the projected economy breakdown, estimating household consumption at $240 billion, investment at $216 billion, government consumption at $36 billion, and net exports at $108 billion.

He emphasized the refinery's role in enhancing investment and net exports, which would strengthen the naira and improve foreign exchange reserves.