Former Lagos State Governor Babatunde Fashola has revealed that his administration reduced the cost of land allocated to the Dangote Group to secure the investment that became the Dangote Petroleum Refinery.
Speaking at the biennial conference of the Chartered Institute of Directors Nigeria in Lagos, Fashola said the decision followed advice from the then Commissioner for Commerce and Industry, Olusola Oworu, who argued that attracting the multi-billion-dollar refinery would deliver greater long-term economic benefits than insisting on the state’s fixed land pricing.
According to Fashola, negotiations with the Dangote Group had stalled over the cost of the land after the company selected Lagos as the preferred location for the refinery. He recalled that Oworu persuaded the State Executive Council to offer the land at a discounted rate, arguing that the investment would attract additional businesses and increase the value of surrounding land over time.
Fashola said the council accepted the recommendation, describing it as a strategic decision that ultimately enabled Lagos to retain the refinery project. He cited the episode as an example of how competence and sound policy decisions can shape economic development, regardless of gender.
The refinery, which began operations in 2024, has a refining capacity of 650,000 barrels per day and is regarded as Africa’s largest single-train refinery. The project was initially planned for the Olokola Free Trade Zone before it was relocated to the Lekki Free Zone in Lagos.
