The President/Chief Executive of Dangote Group, Aliko Dangote, said the planned listing of the Dangote Petroleum Refinery & Petrochemicals on the Nigerian Exchange is designed to democratise wealth creation and give Africans direct access to participate in the continent’s industrial transformation.
Dangote stated this during a visit by the leadership of South Africa’s Government Employees Pension Fund (GEPF), alongside the Public Investment Corporation PIC and Alterra Capital Partners, to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Lagos.
Dangote said that Africa’s next phase of economic growth must be anchored on large-scale industrial projects capable of creating jobs, strengthening domestic production capacity and generating broad-based prosperity.
“We are opening the doors for investors to participate directly in Africa’s industrial future and the prosperity it will create,” Dangote said.
According to him, the refinery project reflects the scale of untapped opportunities within Africa’s energy market, particularly as most African countries remain dependent on imported refined petroleum products despite growing industrial demand and rising consumption.
Dangote said the Group’s long-term investment strategy was driven by Africa’s expanding energy needs and the urgent requirement for regional refining capacity capable of serving multiple markets across the continent.
The billionaire industrialist noted that demand for products such as polypropylene, aviation fuel and refined petroleum products has exceeded earlier projections, reinforcing the commercial viability of the refinery and shaping 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,” he said.
Transformative Infrastructure
Speaking after the tour of the Dangote facilities in Ibeju-Lekki, the Chairperson of GEPF, Frans Baleni, said that the refinery stands as evidence that Africa can execute transformational infrastructure projects when backed by visionary leadership, long-term investment and strong technical expertise.
“If it can be done anywhere else in the world, it can be done in Africa. This project has shown that the continent is capable of achieving world-class industrialisation at scale,” Baleni stated.
Baleni added that the significance of the project extends well beyond Nigeria’s borders.
He stated “What has been built here is reshaping how the world should think about African industrial capability — and it should reshape how Africa thinks about itself.”
On his part, the Chief Executive Officer of PIC, Patrick Dlamini, described the refinery as one of the most transformative industrial projects undertaken on the continent, stating that it is reshaping global perceptions about Africa’s industrial capabilities and economic potential.
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.”
He said PIC, which manages about $230 billion in assets largely on behalf of South Africa’s Government Employees Pension Fund, is actively seeking long-term partnerships aligned with infrastructure development, industrialisation and economic transformation across Africa.
The South African delegation included Chairperson of GEPF, 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.
The visit comes amid rising investor interest in Africa-led industrialisation and long-term infrastructure investments.
GEPF is Africa’s largest defined benefit pension fund, managing the retirement and associated benefits of more than 1.8 million public sector workers in South Africa, while PIC is the continent’s largest asset manager.
