Aliko Dangote, the President and Chief Executive Officer of Dangote Refinery, has stated that some individuals with more liquid assets than himself are hesitant to invest in Nigeria due to the challenges associated with domestic investments. In a recent conversation with the media, Dangote noted that these investors often prefer to invest their funds abroad, citing the difficulties of doing business in Nigeria.

Dangote, who is Africa’s richest man, mentioned that some of these investors have more liquid cash than he does, but they are reluctant to invest in the country. Instead, they choose to keep their funds overseas, often in countries with more favorable business environments, such as Monaco or France. This decision is driven by the perceived risks and challenges of investing in Nigeria, which can discourage even the most seasoned investors.

The comments come at a time when Dangote Refinery is facing disagreements with the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) and other stakeholders in the country’s downstream oil sector. Despite these challenges, Dangote Refinery has begun its nationwide fuel distribution scheme, which aims to increase access to fuel across the country.

However, NUPENG and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) have expressed concerns about Dangote’s fuel distribution initiative, describing it as a potential disruption to the existing market dynamics. The disagreements highlight the complexities of Nigeria’s oil and gas sector, where various stakeholders have competing interests and concerns.

Dangote’s comments underscore the need for Nigeria to address the challenges that discourage domestic and foreign investment. By creating a more favorable business environment, the country can attract more investors and stimulate economic growth. As one of the largest economies in Africa, Nigeria has significant potential for growth and development, but it must address the hurdles that hinder investment and entrepreneurship.

The launch of Dangote Refinery’s fuel distribution scheme is a significant development in Nigeria’s oil and gas sector, and its impact will be closely watched by stakeholders and observers. As the country continues to navigate the complexities of its energy sector, it is essential to create an environment that encourages investment, innovation, and growth. By doing so, Nigeria can unlock its full potential and achieve sustainable economic development.