Dangote, Minister of State for Petroleum Resources (Gas) push for indigenous investment, collaboration in Nigeria’s petroleum sector
The Founder of Dangote Group, Mr. Aliko Dangote, has cautioned against using the cry of monopoly to discourage indigenous investment and industrial growth in Nigeria, urging instead for policies that promote productivity, innovation, and competition.
Speaking at the 2025 inaugural annual downstream petroleum week organized by the House of Representatives Committee on Petroleum Resources (Downstream), Dangote represented by the Group Chief Strategy Officer of Dangote Industries Limited, Aliyu Suleman, said no one is prevented from investing in the refining sector.
He stated: “Too many people with the means to build industries chose instead to invest abroad. We have chosen differently to build here, employ here, and produce here. So let us not use the cry of monopoly to stifle growth. No one is prevented from investing. We welcome others to build their own refineries and will offer support in whatever way we can.”
Dangote emphasized that Nigeria holds a natural competitive advantage in refining, given its proximity to oil and gas supply. He called for the enactment and implementation of laws that would help the sector thrive and protect indigenous industries.
“We should work together to develop this sector and deliver the economic transformation Nigeria deserves,” he said.
Highlighting the capacity of the 650,000 barrels per day Dangote Refinery, he noted that the facility can meet all of Nigeria’s demand for diesel and jet fuel, with surplus for export. He disclosed that plans were underway to list the refinery on the stock exchange, allowing Nigerians to own shares in what he described as a “national asset.”
Dangote lamented the unfair competition posed by the current import licensing regime, saying that the influx of cheaper petroleum products from countries like Russia undermines domestic refineries.
“Most of these imports come from Russia, where crude is priced about $25 per barrel cheaper due to sanctions. This is almost like dumping, and it hurts domestic refineries,” he said.
He praised President Bola Tinubu’s “crude-for-naira initiative,” describing it as a welcome step toward stabilising local refining operations.
Dangote reiterated that domestic refining offers broad economic benefits including job creation, skills development, industrial linkages, and exchange rate stability and urged the government to ensure that the country’s over one million barrels per day of installed refining capacity operates at full potential.
On his part, the Minister of State for Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, called for sustained collaboration between the Executive and Legislature to address lingering challenges in Nigeria’s downstream petroleum and gas sectors.
Ekpo said the continued stability and reform of the sector require policy consistency, private sector participation, and adherence to global best practices.
“The theme of this year’s conference Celebrating Our Successes, Confronting Our Challenges, and Finding Solutions is timely and profound,” he said. “It invites us to reflect on how far we have come, acknowledge the challenges before us, and collectively provide sustainable solutions that secure the future of Nigeria’s downstream industry.”
The minister commended the reforms being driven under President Tinubu’s renewed hope agenda, especially within the gas value chain through the decade of gas initiative, which promotes domestic gas utilisation, infrastructure expansion, and transition to cleaner fuels such as CNG, LNG, and LPG.
He identified the completion of key projects such as the OB3 pipeline, the West African Gas Pipeline, and the Nigeria–Equatorial Guinea Gas Partnership as critical to improving supply reliability and regional integration.
While acknowledging progress, Ekpo noted that persistent issues including infrastructure deficits, supply chain inefficiencies, and regulatory uncertainty continue to constrain growth.
“Transforming Nigeria’s downstream and gas sectors cannot be achieved by government alone,” he said. “It requires the combined effort of the Legislature, the Executive, the private sector, and the Nigerian people. Together, we can build a downstream sector that supports industrialisation, creates jobs, and delivers prosperity across our nation.”
Ekpo commended the House Committee on Petroleum Resources (Downstream) for hosting the event, describing it as a platform for dialogue, innovation, and partnership to drive sustainable growth in the energy sector.
