Founder of Dangote Group, Aliko Dangote, has warned against using the cry of monopoly to discourage indigenous investment and industrial growth in Nigeria. He emphasized that no one is prevented from investing in the country. Dangote made this statement at the 2025 Inaugural Annual Downstream Petroleum Week held at the National Assembly, Abuja.
Represented by the Group Chief Strategy Officer at Dangote Industries Limited, Aliyu Suleman, Dangote said that Nigeria should focus on policies that encourage productivity, innovation, and competition. He noted that many people with the means to build industries choose to invest abroad instead. “We decided from afar while adding little value to our economy. We have chosen differently. We have chosen to get to Nigeria. We have chosen to build here, to employ here, to produce here,” he said.
“The Dangote Refinery can meet all of Nigeria’s demand for diesel and jet fuel and still have surplus for exports, Dangote.The refinery would soon be listed on the stock exchange, giving Nigerians the opportunity to become shareholders.
Dangote emphasized that Africa’s refining sector remains underdeveloped. “While Europe and Asia refine over 95% of their petroleum product refinement, Africa refines only 40%,” he said. He noted that building a world-class refinery is a huge task, but Dangote Group was up for the challenge.
The Dangote Refinery has created jobs and strengthened engineering capacity in Nigeria. Dangote said that the refinery can meet 90% of Nigeria’s PMS requirements and that refined products from the refinery are of higher quality and yet priced below import parity.
Dangote noted that Nigeria imports petroleum products while the Dangote refinery is exporting. “This is a paradox that we must address in order for this sector to grow,” he said. He emphasized that domestic refining brings economic benefits, including job creation, skill development, and exchange rate stability.
The Dangote Group has over 10,000 trucks that deliver products across Africa. Dangote said that the company is working with NPA and NIMASA to reduce coastal transport costs. He emphasized the need to find an optimal split of off-take between trucks loading directly at the refinery and loading into vessels.
Dangote said that Nigeria has the potential to build a refining hub that will process crude from Nigeria and surrounding African countries. He noted that the same transformation happening in refining is similar to what happened in the cement sector.
Nigeria is now a net exporter of refined petroleum products, polypropylene, and urea, Dangote said. He emphasized that the sector must be nurtured and protected, and that the current import licensing regime has exposed domestic refineries to unfair competition.
Dangote called for protection and incentives for local refineries, citing the crude-for-naira initiative introduced by the President as a step in the right direction. He emphasized that Nigeria’s potential is massive and that the country can achieve great things with the right policies and support.
