Dangote Says Refinery Listing Will Expand Wealth Creation Across Africa

Dangote Says Refinery Listing Will Expand Wealth Creation Across Africa

President and Chief Executive of the Dangote Group, Aliko Dangote, has said the planned listing of the Dangote Petroleum Refinery and Petrochemicals on the Nigerian Exchange is aimed at broadening wealth creation opportunities and allowing Africans to participate directly in the continent’s industrial growth.

Dangote stated this during a visit by senior officials of South Africa’s Government Employees Pension Fund (GEPF), Public Investment Corporation (PIC), and Alterra Capital Partners to the Dangote Petroleum Refinery, Petrochemicals and Fertiliser plants in Lagos.

The South African delegation included GEPF Chairperson, Frans Baleni; Principal Executive Officer of GEPF, Musa Mabesa; Deputy Chairperson of PIC, Mongwena Maluleke; Chief Executive Officer of PIC, Patrick Dlamini; and Managing Partner of Alterra Capital Partners, Genevieve Sangudi.

According to Dangote, Africa’s economic future depends largely on large-scale industrial projects capable of boosting local production, creating jobs and driving sustainable prosperity across the continent.

“We are opening the doors for investors to participate directly in Africa’s industrial future and the prosperity it will create,” he said.

Dangote noted that the refinery project demonstrates the vast untapped opportunities within Africa’s energy sector, especially as many African countries continue to rely heavily on imported refined petroleum products despite growing local demand.

He explained that the Group’s long-term investment strategy is focused on addressing Africa’s rising energy needs and expanding regional refining capacity to serve multiple markets across the continent.

The industrialist added that demand for products such as aviation fuel, polypropylene and refined petroleum products has surpassed earlier expectations, further strengthening the refinery’s commercial outlook and future expansion plans.

“We thought about Nigeria first and then exports, but even with our current production, we are practically living hand to mouth because the market demand is extremely high,” Dangote stated.

Speaking after touring the facilities in Ibeju-Lekki, GEPF Chairperson, Frans Baleni, described the refinery as proof that Africa can successfully execute world-class industrial projects through visionary leadership and long-term investment.

“If it can be done anywhere else in the world, it can be done in Africa,” Baleni said, adding that the project should redefine global perceptions about Africa’s industrial capacity.

He stressed that institutional investors across the continent should support similar African-led industrial initiatives capable of transforming economies and creating sustainable growth.

Also speaking, PIC Chief Executive Officer, Patrick Dlamini, described the refinery as one of the most transformative industrial projects on the continent, saying it demonstrates Africa’s economic potential and industrial capability.

Quoting former South African President Nelson Mandela, Dlamini said: “It always looks impossible until it’s done. This project is redefining the story of Africa and the possibilities of Africa.”

Dlamini noted that PIC, which manages approximately $230 billion in assets mainly on behalf of South Africa’s Government Employees Pension Fund, is interested in exploring long-term investment partnerships focused on infrastructure development, industrialisation and economic transformation across Africa.

According to him, unemployment, poverty and economic exclusion remain major challenges across the continent, making industrialisation and job creation essential for Africa’s future stability and development.