President of the Dangote Group, Alhaji Aliko Dangote, has said Nigerians will soon become shareholders in his $20bn refinery situated in Lekki, Lagos State.
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Dangote stated this recently at the Global Commodity Insights Conference on West African Refined Fuel Markets hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in partnership with S&P Global Insights in Abuja.
According to the business mogul, the refinery would soon be listed to give Nigerians the opportunity to buy shares, adding that the refinery is ready to partner with governments, private investors, and institutions.
The billionaire maintained that Africa should refine the fuel it consumes on African soil.
He said, “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. Our vision is simple but ambitious.
“Africa should refine all the petroleum products it consumes right here on the soil of Africa.”
Dangote emphasised the company’s investment in liquefied petroleum gas, saying this was to encourage clean cooking in 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 stated.
He addressed allegations that he was planning to monopolise the downstream sector, noting that those who have the means to invest in Nigeria invested their resources outside the country while criticising local investors.
He said he had chosen to stay in Nigeria and he would continue to do so, warning that Africa should not be a dumping ground for substandard products.
“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 said.
Dangote added, “We have chosen to bet on Nigeria and will continue to do so. So, we should not allow dumping to destroy our manufacturing base like what it did in so many other industries like textiles and others.”
He added that other investors should be allowed to build refineries if they are serious: “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.”
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