Lokpobiri stated this on Thursday at the National Summit of the Forum of Former Presiding Officers of State Houses of Assembly of Nigeria in Abuja.
The summit was themed “Bold Leadership, Bold Reforms: From Subsidy to Renewed Hope…”
The Dangote Refinery IPO, which opened on September 14, comprises 4.1 billion ordinary shares priced at N525 each, with the company seeking to raise N2.15tn.
The minister said deregulation encouraged private-sector participation and helped Dangote Refinery become a major player in Nigeria’s downstream oil sector.
“I want to take the opportunity to say today that the reason why Dangote’s IPO, which is the largest in the African continent, is successful today is because of deregulation,” he said.
Lokpobiri explained that the Nigerian National Petroleum Company Limited was previously the sole importer of refined petroleum products, while the country exported crude oil and imported refined products.
“Today, NNPC doesn’t import any refined products because NNPC is also a shareholder of Dangote Refinery,” he said.
“We invested strategically in Dangote Refinery; we are a shareholder in Dangote Refinery.”
The minister said the Federal Government supported the public offer and expressed confidence that it would be oversubscribed.
“The IPO that is going on is absolutely supported by this government, and we believe that it will be oversubscribed,” he said.
The offer is scheduled to close on October 13. Investors are required to subscribe to a minimum of 10 shares at N525 each, amounting to N5,250. No fuel queues since 2023, says minister.
Lokpobiri also attributed the absence of fuel queues since 2023 to the government’s petroleum sector reforms.
He said, “It’s important for us to know that all these successes are the result of Mr President’s bold decision to completely deregulate the petroleum sector.
“I’m happy my colleague from Adamawa said here that we had a perennial problem in this country. Every time, we used to have queues, particularly during the festive season.
“But since 2023, we haven’t experienced any queues in this country till today. And by the grace of God, we are not going to have such queues.”
The minister further said the reforms were contributing about 85 per cent of Nigeria’s foreign exchange earnings.
“Let me conclude by saying that the reforms in the petroleum sector are contributing about 85 per cent of our forex,” he said.
Lokpobiri put the country’s foreign reserves at about $54bn, while the latest available data showed gross reserves of $54.61bn as of September 14, 2026.
He also recalled the foreign exchange obligations owed to foreign airlines before the present administration, saying the government had cleared about $7bn in outstanding funds.
“Don’t also forget that before Mr President came, the airlines in Nigeria couldn’t repatriate their returns, and so airlines like Emirates and some other airlines even suspended operations.
“The debt then was almost $7bn. That was cleared. If that debt wasn’t there, and that $7bn was added to the $54bn, today our forex, I mean, our foreign reserves, would have been over $60bn,” he said.
Lokpobiri urged the former presiding officers of state Houses of Assembly to take the administration’s reform message to their respective states.
“I want to say that, look, you as leaders, former presiding officers of this country, you owe this country a duty to go to your respective states and take this message home: why President must be re-elected so that we can sustain these gains that we have made as a country,” he said.
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