The Founder of Dangote Group, Alhaji Aliko Dangote, has cautioned against the use of “monopoly” allegations to discourage indigenous investment and industrial growth in Nigeria, emphasizing that no one is restricted from investing in the country’s economy.....KINDLY READ THE FULL STORY HERE▶

Speaking at the 2025 Inaugural Annual Downstream Petroleum Week organized by the House of Representatives Committee on Petroleum Resources (Downstream), Dangote—represented by the Group Chief Strategy Officer of Dangote Industries Limited, Aliyu Suleman—urged stakeholders to focus on policies that promote productivity, competition, and innovation.

According to Nivo News, Dangote maintained that the refinery’s operations symbolize a commitment to national development rather than dominance, insisting that other investors are welcome to participate in the sector. “Too many people with the means to build industries chose instead to invest abroad. We chose differently. We chose to build here, to employ here, to produce here. No one is prevented from investing. We welcome others to build their own refineries,” he said.

He noted that Nigeria holds a competitive advantage in refining due to its proximity to oil and gas supply and called for collaborative efforts to strengthen the downstream sector through effective legislation and implementation.

Dangote revealed that the refinery, which currently meets all of Nigeria’s diesel and jet fuel demand with surplus for exports, will soon be listed on the Nigerian Stock Exchange to allow citizens to become shareholders in what he described as a “national asset.”

Highlighting Africa’s refining deficit, he explained that while Europe and Asia refine over 95 percent of their petroleum needs, Africa refines only 40 percent, largely due to the capital-intensive nature and technological complexity of refining. “At Dangote, we are known for taking bold steps and creating value locally. Building our refinery was challenging but necessary for Nigeria’s progress,” he said.

He disclosed that the refinery can meet 90 percent of Nigeria’s petrol needs based on official consumption figures and stressed the importance of prioritizing domestic refining to conserve foreign exchange and strengthen the economy.

Dangote added that the refinery’s products are of superior quality and priced below import parity levels, giving Nigerians access to affordable fuel. He, however, lamented that despite the refinery’s production capacity, Nigeria still imports petroleum products, a situation he described as “a paradox that must be addressed.”

He emphasized the wider economic benefits of local refining, including job creation, industrial linkages, skill development, and stronger engineering capacity. He also called for cost-efficient product distribution, collaboration with maritime agencies to reduce coastal transport expenses, and the establishment of Nigeria as a regional refining hub.

Speaking at the same event, the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, represented by his deputy, Rt. Hon. Benjamin Kalu, urged stakeholders to work together to reposition the downstream sector for transparency, innovation, and sustainable growth. He described the operational takeoff of the Dangote Refinery as a major step toward Nigeria’s energy self-sufficiency.

The Chairman, House Committee on Petroleum Resources (Downstream), Hon. Ikenga Imo Ugochinyere, also commended Dangote’s contribution to the nation’s industrialization, describing the refinery as a symbol of Nigeria’s transformation into an energy-exporting nation. He announced plans for a Refinery Protection and Promotion Bill to classify refineries as strategic national assets and protect local investments.

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, lauded the collaboration between the Executive and Legislature, saying consistent policy implementation and private sector participation were essential to reforming Nigeria’s petroleum and gas industries.

Ekpo also highlighted President Bola Ahmed Tinubu’s Renewed Hope Agenda and Decade of Gas Initiative, which aim to expand gas infrastructure, deepen domestic utilization, and promote cleaner energy sources. He stressed that Nigeria’s downstream transformation required joint efforts from government and private investors to ensure affordability, accessibility, and sustainability in the nation’s energy future.