President of the Dangote Group, Alhaji Aliko Dangote, has reaffirmed his commitment to domestic industrialisation, cautioning that Nigeria must not become a dumping ground for substandard petroleum products or foreign-manufactured goods.
Speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja, hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in partnership with S&P Global Insights, Dangote called for stronger investment in local refining capacity and bolder regulatory action.
Refinery to Be Listed, Nigerians to Own Shares
Aliko Dangote has announced plans to list his $20 billion Lekki refinery on the Nigerian Exchange (NGX), opening up ownership to the public and allowing Nigerians to buy shares in the country’s largest energy asset.
“Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders. We are open to partnerships with African governments, private investors, and institutions,” he stated.
Africa Must Refine What It Consumes
Reiterating his pan-African vision, Dangote stressed the need for end-to-end energy value creation within Africa, insisting that the continent must refine all its fuel consumption locally to reduce exposure to international market shocks and currency volatility.
“Africa should refine all the petroleum products it consumes right here on the soil of Africa,” Dangote declared.
Critics Investing Abroad Add No Value
Addressing allegations of market dominance, the industrialist pushed back strongly.
He argued that accusations of monopoly often come from individuals and businesses who, despite their resources, prefer to invest abroad rather than contribute to Nigeria’s real economy.
“Too many people who have the means and opportunity to contribute meaningfully to our nation’s growth choose instead to criticise while investing their wealth abroad,” Dangote said.
“We have chosen to bet on Nigeria and will continue to do so.”
Build More Refineries
In a bold challenge to the market, Dangote urged both the government and the private sector to build additional refining capacity rather than complain about dominance.
“Others should be encouraged to build refineries if they are serious. That is the job of the NMDPRA and the government.”
LPG Investment for Clean Energy
Dangote also highlighted his group’s ramp-up in Liquefied Petroleum Gas (LPG) production, currently at 2,500 tonnes per day, to encourage cleaner cooking fuel adoption in Nigerian homes.