…Says refinery to be listed soon for Nigerians to own shares
…Insists refinery meets Nigeria’s fuel demand, surplus for export
The Founder of Dangote Group, Alhaji Aliko Dangote, has warned against using the cry of monopoly to discourage indigenous investment and industrial growth in Nigeria, insisting that no one is prevented from investing in the country.
Dangote gave the caution on Monday while speaking at the 2025 Inaugural Annual Downstream Petroleum Week organised by the House of Representatives Committee on Petroleum Resources (Downstream) in Abuja.
He was represented by the Group Chief Strategy Officer of Dangote Industries Limited, Aliyu Suleman.
Addressing concerns about monopoly in the downstream sector, Dangote said many wealthy Nigerians have chosen to invest abroad rather than build industries locally.
“Too many people with the means to build industries chose instead to invest abroad. We decided from afar while adding little value to our economy. We have chosen differently. We have chosen to build here, employ here, and produce here.
“So let us not use the cry of monopoly to stop growth. No one is prevented from investing. We welcome others to build their own refineries, and we will offer support in whatever way we can.”
He urged stakeholders to focus on policies that promote productivity, innovation, and healthy competition, saying Nigeria holds a natural competitive advantage in refining due to its proximity to crude oil and gas supplies.
“We should work together to develop this sector and enact laws that will help it prosper. Let us protect our industries and deliver the economic transformation this country deserves,” he said.
Dangote disclosed that the Dangote Refinery, the largest single-train refinery in Africa, will soon be listed on the Nigerian Stock Exchange, allowing citizens to become shareholders.
He noted that the refinery can meet all of Nigeria’s demand for diesel and jet fuel, with a surplus available for export, while also meeting 90 percent of the nation’s PMS (petrol) requirements.
“Today, the Dangote Refinery can meet all of Nigeria’s demand for diesel and jet fuel and still have a surplus for exports,” he said.
“This is based on official consumption figures of 50 million litres per day, though our own estimates put it closer to 40 million litres. In either case, we should be able to meet national demand.”
Dangote lamented that Africa refines only 40 percent of its petroleum products, compared to over 95 percent in Europe and Asia, due to capital intensity and low profit margins that discourage investors.
“Refining is capital-intensive, technologically complex, and often low-margin, so many entrepreneurs and governments have stayed away. But at Dangote, we are known for taking bold steps,” he said.
He explained the massive scale of the refinery project — involving 2,700 hectares of land, 65 million cubic meters of sand filling, and over 60,000 workers, including 50,000 Nigerians.
Dangote emphasized that refined products from the refinery are of higher quality yet priced below import parity, offering cost benefits to Nigerians.
“Across Africa, PMS and diesel sell for around $1 per litre. In Nigeria, it’s below $0.60. This is a huge cost benefit for Nigerians, even though subsidies previously masked the true market prices,” he said.
He, however, described as a paradox the situation where Nigeria continues to import petroleum products while the Dangote Refinery exports the same, stressing the need to correct policy distortions to allow local refineries to thrive.
According to Dangote, domestic refining offers broader economic benefits — from job creation and industrial linkages to skill development and foreign exchange stability.
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