Aliko Dangote says his refinery will soon be listed on the Nigerian Stock Exchange for public ownership.
He urges Nigerians to invest locally and stresses the need for Africa’s energy independence.
Aliko Dangote, Africa’s wealthiest businessman, has announced that the Dangote Refinery will soon be listed on the Nigerian Stock Exchange. This move will allow Nigerians to purchase shares and become part-owners of the multibillion-dollar oil processing facility.
Dangote made this disclosure during the Global Commodity Insights Conference on West African Refined Fuel Markets held in Abuja. The event was jointly hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Insights.
According to Dangote, the listing is part of a broader effort to boost local participation in Nigeria’s oil and gas industry. “We will soon list the refinery so that every Nigerian can have a chance to own a piece of it,” he said. “We are also open to working with African governments, private investors, and regional institutions.”
He stressed that the refinery’s mission goes beyond supplying fuel to Nigeria. It also aims to strengthen energy independence across the continent. “Africa must take charge of refining all the petroleum products it uses,” he added, underscoring the need for greater self-reliance.
In addition to refining crude oil, Dangote highlighted the company’s push towards cleaner energy alternatives. He revealed that the refinery is producing 2,500 metric tons of liquefied petroleum gas (LPG) daily. The goal is to promote the use of LPG for cooking and other domestic needs, reducing dependence on more harmful fuels.
However, the refinery’s operations have attracted criticism from some Nigerian stakeholders. Local shipowners have expressed disappointment that foreign vessels particularly from Angola are being used to transport crude oil and refined products. They argue that Nigerian maritime operators should be given priority in such contracts.
Similarly, the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has voiced concerns about how the refinery distributes its products. Smaller marketers who rely on coastal distribution reportedly face challenges accessing supplies under the current arrangement.
Responding to these issues, Dangote defended the decisions made by his company. He also took the opportunity to criticize wealthy Nigerians who choose to invest abroad rather than supporting the country’s growth.
“There’s always talk about monopoly and dominance,” he said. “But the reality is that many Nigerians with the resources to invest at home prefer to keep their money overseas. Meanwhile, we are here, putting everything into Nigeria’s future.”
He warned against the dangers of allowing unchecked foreign competition to erode the local manufacturing sector, recalling the decline of Nigeria’s textile industry as a cautionary tale.
Dangote further called on government regulators and stakeholders to create an enabling environment for more private investors in the refining sector. “Anyone serious about building a refinery should be encouraged,” he said. “That’s the role of NMDPRA and the government.”
