(3 Minutes Read)
Africa’s richest man and Chairman of Dangote Group, Aliko Dangote, has cautioned that the recurring narrative of monopoly could discourage both local and international investors from committing to Nigeria’s economy—particularly in the energy sector.
Speaking through Aliyu Suleiman, Group Chief Strategy Officer at Dangote Industries Limited, during the Inaugural Annual Downstream Petroleum Week organized by the House of Representatives Committee on Petroleum Resources (Downstream), Dangote addressed concerns about market dominance.
He emphasized that labelling his business ventures as monopolistic is not only misleading but also harmful to Nigeria’s broader economic goals. “Too many with the capacity to build industries have chosen to invest abroad, adding minimal value to our economy. We chose a different path—investing in Nigeria, building in Nigeria, employing in Nigeria,” he said. “Let’s not weaponize the term ‘monopoly’ to discourage growth. No one is excluded from investing.”
Dangote also stated his willingness to support others who want to establish refineries, reinforcing his commitment to collaboration over competition. “Nigeria has a natural competitive edge in refining. We’re close to oil and gas supplies. If we work together, we can build a thriving sector. What we need are policies that support and protect our industries so we can realize the economic transformation Nigeria deserves,” he added.
Highlighting the scale and capacity of the newly completed Dangote Oil Refinery, he noted that it is now capable of fully meeting Nigeria’s needs for diesel and jet fuel, while also producing a surplus for export. The refinery, he said, will meet up to 90% of Nigeria’s PMS (Premium Motor Spirit) requirements.
Drawing a global comparison, Dangote pointed out that the world’s top oil producers meet their domestic demand through local refining rather than imports. “In the United States, only about 8% of petroleum products are imported. Most major oil-producing countries import less than 10% of what they consume. Nigeria must aim for the same.”
Read Also;
https://trendsnafrica.com/strike-at-dangote-refinery-loss-estimated-at-600000-barrels/
Building the refinery was no small feat. Dangote described it as one of the most complex industrial projects in Africa. “We acquired over 2,700 hectares of land and moved 65 million cubic metres of sand just to stabilize the site. Over 250,000 foundation piles were installed, and millions of metres of pipes, cables, and wiring were laid,” he detailed. At peak construction, more than 60,000 people were on-site—50,000 of them Nigerians—working across hundreds of specializations and nationalities.
Despite the capital-intensive and low-margin nature of refining, Dangote said he was proud to take on the challenge to help Nigeria achieve energy independence and economic growth. “It wasn’t easy, but it was necessary. We took on the challenge because Nigeria deserves world-class infrastructure.”
