Aliko Dangote, president of the Dangote Refinery, has ruled out the possibility of acquiring the Port Harcourt and other government‑owned refineries in Nigeria. Speaking at a briefing in Lagos, he suggested that if the government decides to sell these assets, other investors should step forward. This, he said, would foster competition and dispel any perception of a monopoly in the petroleum sector.
Dangote, Africa’s richest man, noted that his company’s involvement in the refineries could attract criticism and “noise.” Instead, he encouraged other wealthy Nigerians to invest in the industry, promoting diversity and new opportunities. “We believe they should go and try their own luck, so that there won’t be talks about monopoly, rather, there will be talks about other people having opportunities,” he said.
The Dangote Refinery is currently expanding its capacity from 650,000 barrels per day to 1.4 million barrels per day, aiming to become the world’s largest refinery. Dangote’s decision not to pursue the government‑owned facilities is significant, as it would have further solidified his company’s dominance in the Nigerian petroleum market. By urging other investors to participate, he is aligning with the government’s push for greater competition and private‑sector involvement.
The Nigerian government continues to seek ways to boost refining capacity and reduce reliance on imported fuel. A multi‑player approach is seen as essential to achieving this goal, and Dangote’s comments underscore the importance of a level playing field where several investors can contribute to economic growth. With the government’s commitment to transparency and attracting investment, the sector is poised for notable developments in the coming years. As the Dangote Refinery expands, it will be interesting to see how the Nigerian petroleum industry evolves and whether other investors will rise to the challenge.
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