Why We Supported Dangote Refinery, Built Coastal Road — Tinubu

President Bola Tinubu on Friday defended his administration’s support for major infrastructure and industrial projects, saying initiatives such as the Lagos-Calabar Coastal Highway and backing for the Dangote Refinery are part of efforts to stimulate economic growth and create jobs.

Tinubu spoke during a session titled “Holding the Line: Nigeria’s Reform Bet in a Fractured World” at the 2026 Africa CEO Forum in Kigali, Rwanda where he addressed concerns over his administration’s economic reforms and rising living costs.

The president said government support for large-scale businesses and infrastructure projects was necessary to boost local production, attract investment and expand economic opportunities.

“I will remove the word protection and classify it as support, support for the business, for them to be able to make revenue and create the jobs,” Tinubu said.

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Referring to major indigenous manufacturers, he added, “For example, Dangote, BUA can help to stimulate the production process.”

Tinubu said the decision to embark on the Lagos-Calabar Coastal Highway project was driven by the need to unlock economic and tourism potential across Nigeria’s coastal corridor.

“I decided to build infrastructure, things that span 47 years, 45 years. 800 kilometers of waterfront road, Lagos-Calabar Coastal Road, so that I can create opportunity for those who will stay in and enjoy tourism in Nigeria. It’s a beautiful country if you know how to use it,” he stated.

The president also defended the government’s decision to supply crude oil to the Dangote refinery in naira, saying the policy was aimed at reducing bureaucratic bottlenecks and easing foreign exchange pressures on local refiners.

“Look at what a Dangote Refinery is doing. He is a risk-taker. What should my government do, it is to support him, encourage him, give him crude in naira,” Tinubu said.

“He doesn’t have to go through letters of credit, bureaucracy and make forex difficult for him. Give it to him in naira,” he added.

Tinubu maintained that difficult economic decisions taken by his administration were beginning to yield results.

“The hallmark of a transformative leader is the ability to take decisions,” the president said.

According to him, the economy and the naira were showing signs of stability, making it easier for businesses and households to plan.

“Today there is a very bright light at the end of the corner. Economy is stable, the naira is stable, accountable planners can do a budget, they can plan their lives well,” he stated.

He also highlighted ongoing social intervention programmes targeted at poor households and students from low-income families.

“The children are in school, the vulnerables are being helped by affected direct transfer to very poor households,” Tinubu said.

The president added that the administration was providing allowances to students whose parents struggle with school expenses.

“We are able to support education for those students who ordinarily stay out of school because the parent cannot afford school allowances. Now, I’m giving them allowances,” he stated.