Aliko Dangote warns that monopoly claims could deter investment, urging policies to promote productivity and fair competition in Nigeria’s economy

Africa’s richest man, Aliko Dangote, has warned that persistent claims of monopoly, especially in the petroleum sector, could discourage local and foreign investment in Nigeria’s economy.

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Speaking in Abuja at the Inaugural Annual Downstream Petroleum Week organised by the House of Representatives Committee on Petroleum Resources (Downstream), the industrialist urged stakeholders to focus on productivity, innovation, and competition rather than unfounded criticisms.

Represented by the Group Chief Strategy Officer of Dangote Industries Limited, Aliyu Suleiman, Dangote emphasised that his group had chosen to invest in Nigeria when many others preferred to build industries abroad.

He said, “We have chosen to go to Nigeria. We have chosen to build here, to employ here, to produce here. Let us not use the cry of monopoly to stall growth. No one is prevented from investing.”

According to him, the Dangote Refinery is capable of meeting Nigeria’s full demand for diesel, jet fuel and premium motor spirit (PMS), with excess capacity for export.

He also revealed that the refinery would soon be listed on the stock exchange, allowing Nigerians to become shareholders.

Dangote highlighted Africa’s underdeveloped refining sector, noting that while Europe and Asia refine more than 95 per cent of their petroleum needs, Africa manages only about 40 per cent.

He attributed this to the capital-intensive and complex nature of refining but said Dangote Industries had taken up the challenge to strengthen local capacity.

He added that the refinery was built on 2,700 hectares of land, with over 60,000 workers, mostly Nigerians, contributing to the massive infrastructure.

“We are known for taking bold steps,” he said. “Refined products from our refinery are of higher quality and sold below import parity prices.”

Also speaking at the event, the Speaker of the House of Representatives, Tajudeen Abbas, described the Dangote Refinery as “a catalyst in Nigeria’s quest for energy sufficiency,” calling it a turning point in the nation’s industrial history.

He noted that despite spending over $18 billion on the rehabilitation of state-owned refineries, Nigeria still relies on imported petroleum products a gap now being addressed by Dangote’s private investment.

The Speaker, represented by his deputy, Kalu, said the conference theme, “Celebrating our successes, confronting our challenges and finding solutions for the petroleum downstream sector,” underscores the importance of effective collaboration between government and industry.

Abbas reaffirmed the National Assembly’s commitment to crafting laws that encourage investment, transparency, and accountability in the energy sector.

In his remarks, the Chairman of the House Committee on Petroleum Resources (Downstream), Ikenga Ugochinyere, urged industry players and labour unions to adopt constructive dialogue in resolving disputes, describing the downstream sector as one of Nigeria’s greatest opportunities for economic transformation.

Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, also lauded ongoing reforms, stating that Nigeria’s gas and downstream sectors were witnessing remarkable progress under President Bola Tinubu’s administration.

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Dangote’s remarks and the discussions at the event underline a shared consensus: Nigeria’s path to true economic independence lies in local production, collaboration, and visionary leadership not in fear of competition.