President of the Dangote Group, Alhaji Aliko Dangote, says Nigerians will soon have the opportunity to become shareholders in his $20 billion refinery located in Lekki, Lagos State.
Speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets — organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in collaboration with S&P Global Insights, Dangote revealed plans to list the refinery to allow public investment.
He added that the refinery is open to partnerships with governments, private investors, and institutions, stressing that Africa must refine the fuel it consumes within the continent.
He said, “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 regional institutions. Our vision is simple but ambitious.
“Africa should refine all the petroleum products it consumes right here on the soil of Africa.”
Dangote also highlighted the company’s investment in liquefied petroleum gas, noting that the initiative aims to promote clean cooking solutions across Nigeria.
“With our LPG production of 2,500 tonnes per day, we’re working to encourage more homes to increase the LPG consumption or utilisation, and we’re just getting started,” he stated.
Dangote addressed claims of attempting to monopolise the downstream sector, stating that many with the capacity to invest in Nigeria had instead taken their resources abroad while criticising those who chose to invest locally.
He affirmed his commitment to staying and investing in Nigeria, warning that Africa must not become a dumping ground for substandard products.
“Let me take this opportunity to address concerns around monopoly and dominance. The reality is that too many people who have the means and the opportunity to contribute meaningfully to our nation’s growth choose instead to criticise from the sidelines while investing their wealth abroad. Adding little to Nigeria’s real economy or Africa’s economy,” he said.
Dangote added, “We have chosen to bet on Nigeria and will continue to do so. So, we should not allow dumping to destroy our manufacturing base like what it did in so many other industries like textiles and others.”
