DO NOT USE CRY OF MONOPOLY TO DISCOURAGE INDIGENOUS INVESTMENT – DANGOTE
By: Safiya Abdulrahim Dabban
Africa’s richest man, Alhaji Aliko Dangote, has cautioned Nigerians against using the cry of monopoly to discourage local investments and industrial growth.
Speaking at the 2025 Inaugural Annual Downstream Petroleum Week organized by the House of Representatives Committee on Petroleum Resources (Downstream), Dangote said no one is stopped from investing in Nigeria.
Represented by Dangote Group’s Chief Strategy Officer, Aliyu Suleman, he urged the government and stakeholders to focus on policies that promote productivity, innovation, and competition.
He emphasized that the Dangote Group chose to invest in Nigeria despite challenges, adding, “We have chosen to build here, employ here, and produce here. No one is prevented from investing. Others are welcome to build their own refineries, and we’ll support them.”
Dangote noted that Nigeria has a natural advantage in refining and urged collective efforts to develop the sector and enact supportive laws for industrial growth.
He disclosed that the Dangote Refinery can meet all of Nigeria’s diesel and jet fuel demand and still have surplus for export, adding that it will soon be listed on the stock exchange to allow Nigerians own shares in it.
Dangote highlighted that Africa refines only about 40% of its crude oil, compared to over 95% in Europe and Asia, describing the refinery project as a bold step to drive self-sufficiency and economic transformation.