Africa’s richest man, Aliko Dangote, has declared that Nigerians will soon be able to own shares in the Dangote Refinery, as plans are underway to list the multibillion-dollar facility on the Nigerian Stock Exchange.
Speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja—jointly organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Insights—Dangote emphasized that the goal is to deepen local participation and ownership in the country’s oil and gas sector.
“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,” Dangote stated.
He noted that the vision for the refinery is not just to meet Nigeria’s energy needs but to encourage Africa-wide self-sufficiency.
“Africa should refine all the petroleum products it consumes right here on African soil,” he said.
Dangote also revealed the company’s efforts to promote clean energy through the production of 2,500 metric tons of liquefied petroleum gas (LPG) daily, aimed at encouraging increased domestic use of LPG for cooking and other needs.
The billionaire’s announcement comes amid concerns from some stakeholders. Nigerian shipowners have criticized the refinery for allegedly using foreign—especially Angolan—vessels for the transportation of crude oil and refined products, instead of engaging local maritime operators.
Similarly, the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has raised issues with the refinery’s sales approach, which they claim does not favor smaller marketers who depend on coastal distribution channels.
In his response, Dangote defended his business decisions and criticized wealthy Nigerians who choose to invest abroad rather than contribute to the country’s economic development.
“Let me address the concerns around monopoly and dominance. The truth is, many with the means to invest at home prefer to sit on the sidelines, investing overseas and contributing little to our real economy,” he said.
“We have chosen to bet on Nigeria, and we will continue to do so. We must not allow dumping to destroy our local manufacturing base like it did to the textile and other industries.”
He further urged the government and relevant agencies to encourage more private investments in refining.
“If people are serious, they should be encouraged to build refineries. That’s the job of the NMDPRA and the government,” Dangote added.
The Dangote Refinery, situated in the Lekki Free Trade Zone in Lagos, is the world’s largest single-train refinery. It is projected to significantly reduce Nigeria’s dependence on fuel imports, boost local employment, and conserve foreign exchange when fully operational.
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