Africa’s richest man and Chairman of Dangote Group, Alhaji Aliko Dangote, has dismissed widespread claims that the Dangote Refinery represents a monopoly in Nigeria’s oil and gas industry, insisting that the project is a testament to what private enterprise can achieve with vision, courage, and commitment to national development.
Speaking during a session at the Downstream Petroleum Week in Lagos, Dangote emphasized that the refinery — which is the largest single-train refinery in the world — was built out of determination to solve Nigeria’s decades-long dependence on imported petroleum products, not to dominate the market or stifle competition.
“There’s nothing like monopoly here. No one is stopping anyone from building a refinery,” Dangote stated firmly. “We chose to invest billions of dollars to build locally, employ Nigerians, and produce locally. Others are equally free to do the same. That’s how industries grow.”
He argued that rather than viewing the refinery’s operations through the lens of monopoly, Nigerians should see it as a symbol of national capacity, capable of transforming the country into a net exporter of refined products, stabilizing fuel supply, and reducing foreign exchange pressure.
Dangote maintained that claims of market dominance are unfounded and could discourage both local and foreign investors from pursuing similar large-scale projects.
“When people use the word ‘monopoly’ loosely, they risk sending the wrong message to investors,” he cautioned. “Industrial growth thrives on productivity, innovation, and competition — not on fear or misinformation.”
Industry experts have noted that the $20 billion Dangote Refinery, located in Lekki, Lagos, has the capacity to refine 650,000 barrels of crude oil per day, producing petrol, diesel, aviation fuel, and other petrochemical products for both domestic and export markets.
The facility, they say, could save Nigeria up to $25 billion annually in foreign exchange used for importing refined petroleum products while creating over 100,000 direct and indirect jobs.
Dangote further encouraged policymakers to support indigenous investors who take bold steps to solve Nigeria’s structural economic challenges, stressing that “building industries, not just trading commodities,” is the path to sustainable national prosperity.
He also reiterated that the Dangote Group welcomes competition, partnerships, and collaboration in the downstream petroleum space, provided all players operate under transparent and fair market conditions.
The refinery, which began operations in early 2024, is widely expected to reshape the energy landscape across West Africa, enhance regional self-sufficiency, and position Nigeria as a key player in the global energy supply chain.
