Nigerians to Buy Shares as Dangote Refinery Champions Africa’s Fuel Independence

Aliko Dangote, Africa’s richest man and President of Dangote Group, has reaffirmed his vision for the continent’s energy independence, declaring that the $20 billion Dangote Petroleum Refinery will soon allow Nigerians to become shareholders as it lists on the Nigerian Exchange. Speaking at the Global Commodity Insights Conference in Abuja, Dangote emphasized that “Africa should refine all the petroleum products it consumes right here on the soil of Africa,” stressing that the refinery’s forthcoming public listing will open the door for all Nigerians, private investors, African governments, and regional institutions to participate in ownership and growth.

Dangote described the refinery, located in Lekki, Lagos, as “simple but ambitious,” designed to transform Africa from a net importer to a producer and exporter of petroleum products. Already, the facility is the largest single-train refinery in the world with a processing capacity expanding from 650,000 to 700,000 barrels per day by the end of 2025. This transition is expected to rely entirely on Nigerian crude oil, ending imports and boosting local industries.

On addressing concerns about monopoly, Dangote argued, “Too many people who have the means and opportunity to contribute meaningfully to our nation’s growth choose instead to invest abroad. We have chosen to bet on Nigeria and will continue to do so.” He challenged critics to foster true national development by backing industrial growth and encouraged other entrepreneurs to invest in domestic refining rather than depend on imports or foreign storage terminals that threaten Africa’s industrial base.

Highlighting the refinery’s efforts in clean energy, Dangote noted the current production of 2,500 tonnes of liquefied petroleum gas (LPG) daily, aiming to promote greater LPG usage for cleaner cooking in Nigerian homes. “We’re just getting started,” he said, underscoring ambitions to elevate domestic LPG consumption and expand clean energy access.

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Dangote called upon both government and regulatory bodies, like the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to support further investments in refining and protect the sector from the dangers of cheap imports or dumping, which have crippled other industries such as textiles. “Encouraging others to build refineries is not just our job, but that of NMDPRA and the government,” he concluded.

As the refinery readies its initial public offering, its impact on local fuel availability, job creation, industrial competitiveness, and GDP growth is already evident. Experts say the Dangote Refinery is not only redefining Africa’s energy landscape but also offering ordinary Nigerians a chance to take part in this historic transformation.