Dangote Says Oil Debt Is Restricting Nigerian Bank Lending

The financing freeze comes as Nigeria seeks to lift crude production to 3 million barrels per day by 2030. Output in October was 1.51 million bpd, down from 1.53 million in September, according to figures released Wednesday. That was just enough to meet Nigeria’s 1.5 million-bpd OPEC quota, which the country has now met for six consecutive months.

Dangote called the government’s 2030 target too modest. Nigeria had previously aimed to produce 4.2 million bpd by 2024, but that deadline passed with output nowhere near the goal. The Nigerian Upstream Petroleum Regulatory Commission is offering 40 blocks in its 2026 licensing round. Last month, it said 22 recent awardees were expected to bring at least 250,000 bpd online within five years.

Dangote has urged more exploration, greater use of local technical expertise and fewer policy surprises. He also wants banks to lend more to Nigerian-owned operators so they do not have to seek foreign financing.

His 650,000-bpd refinery outside Lagos had debt of 7.9 trillion naira, or about $5.8 billion, at the end of June, after paying down 798 billion naira in the first half. A recent share offering drew 5.85 trillion naira in applications from nearly 3.8 million investors. Dangote did not say whether the refinery’s borrowing was part of the $7 billion industry debt figure.