Africa’s richest man, Aliko Dangote, has warned against using the cry of monopoly to discourage local investment, saying no one is stopped from building industries or refineries in Nigeria.
Speaking at the 2025 Inaugural Annual Downstream Petroleum Week organised by the House of Representatives Committee on Petroleum Resources (Downstream), Dangote—represented by Aliyu Suleman, the Group Chief Strategy Officer of Dangote Industries Limited—said the focus should be on policies that reward productivity, innovation, and fair competition.
“Too many people with the means to build industries chose instead to invest abroad. We decided to build here, to employ here, and to produce here. So let us not use the cry of monopoly to stop growth. No one is prevented from investing. We welcome others to build their own refineries, and we will offer support in whatever way we can,” he said.
Nigeria’s Refining Advantage
According to Dangote, Nigeria enjoys a natural advantage in refining due to its proximity to crude oil supply and domestic energy demand. He called for stronger collaboration between the private sector and policymakers to pass laws that would help the industry thrive.
He explained that the Dangote Refinery can meet all of Nigeria’s demand for diesel and jet fuel, and about 90% of its petrol needs. He added that the refinery would soon be listed on the Nigerian Exchange, allowing citizens to own shares in what he described as “a national asset.”
Dangote lamented that Africa refines only about 40% of its total petroleum consumption despite being one of the world’s largest crude producers. He said the refinery project was a bold decision to reverse this trend, driven by confidence in Nigeria’s capacity and resilience.
“At peak, we had over 60,000 people on site, 50,000 of them Nigerians working around the clock,” he said.
A Call for Policy Protection
Dangote noted that local refining boosts energy security, creates jobs, and strengthens the naira by reducing dependence on imports.
But he warned that unfair import licences—especially those allowing cheaper Russian products—could harm domestic production.
He described Nigeria’s continued importation of fuel while exporting refined products as “an import paradox.” He urged government protection for local refineries to safeguard their long-term viability.
Legislative Backing and Renewed Hope
The Speaker of the House of Representatives, Tajudeen Abbas, represented by his deputy Benjamin Kalu, said collaboration among stakeholders was key to repositioning the downstream sector for transparency and innovation.
He praised the Dangote Refinery as “a turning point in Nigeria’s journey toward energy independence.”
He also commended President Bola Ahmed Tinubu for the ongoing reforms under the Renewed Hope Agenda, describing them as steps toward self-sufficiency in petroleum products.
Committee Chairman Ikenga Imo Ugochinyere said new legislative measures would soon give local refineries first right of refusal on crude oil allocations and classify them as strategic national assets.
He said the initiative will make the downstream sector a major driver of industrial and economic growth.
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