Onome Amuge

Nigerians will soon have the opportunity to acquire shares in the Dangote Refinery, the $20 billion facility located in Lekki, Lagos State. This announcement came from Aliko Dangote, president of the Dangote Group, during his address at the Global Commodity Insights Conference on West African Refined Fuel Markets. The conference, hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in partnership with S&P Global Insights, served as a platform for the industrialist to outline his vision for African energy independence.

“Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders,” Dangote affirmed. He also extended an invitation for collaboration, stating, “We are open to partnerships with African governments, private investors, and regional institutions.” 

Beyond refined fuels, Dangote highlighted the company’s investment in liquefied petroleum gas (LPG), aimed at promoting cleaner 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 noted.

Dangote also took the opportunity to address lingering allegations regarding his intentions to monopolise Nigeria’s downstream petroleum sector. He countered these criticisms by pointing to those with financial capacity who choose to invest their resources outside the country while simultaneously critiquing local investors.

“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 stated. 

He further emphasised that the onus is on regulatory bodies and the government to encourage other serious investors to build refineries. “Others should be encouraged to build refineries if they are serious. I think encouraging other people to build refineries is the job of the NMDPRA and also the government,” Dangote stated.