Shareholders have credited the Dangote Petroleum Refinery with improving Nigeria’s economic stability and easing fuel scarcity, saying the $20bn facility has delivered far-reaching benefits to the economy and the welfare of citizens.
In a statement on Sunday, shareholders said the commencement of operations at the Dangote refinery marked a turning point for Nigeria’s downstream petroleum sector, noting that the country witnessed year-end festivities without the usual fuel shortages and price spikes for the first time in recent history.
President of the Association for the Advancement of Rights of Nigerian Shareholders, Faruk Umar, said the refinery’s impact is already evident in easing inflationary pressures, particularly through reduced transport and energy costs.
He said the sustained trend in disinflation is partly linked to the sharp reduction in the retail price of petrol following the commencement of local refining by the Dangote facility.
Umar described the refinery as a major milestone for Nigeria, noting that it has placed the country on the global map as the world’s largest single-train refinery while significantly improving the domestic economic environment.
He also cited the recent partnership between Dangote Group and Honeywell International Inc. to expand the refinery’s daily processing capacity to 1.4 million barrels per day (mbpd) as further proof of Alhaji Aliko Dangote’s long-term commitment to Nigeria despite operating challenges.
According to him, planned expansions in polypropylene production capacity to 2.4 million metric tonnes annually and the increase in urea production from three million metric tonnes to nine million metric tonnes per year would have far-reaching positive effects on Nigeria’s manufacturing and agricultural sectors.
The shareholders noted that Dangote’s investment approach stands out at a time when many wealthy individuals prefer to hold foreign assets, describing Africa’s richest man as the largest indigenous investor in the Nigerian economy.
They said Dangote’s journey from importation and trading to building a domestic manufacturing conglomerate spanning cement, petroleum, food, and household products reflects patriotism, dedication, and a commitment to national development.
Umar urged Dangote to fast-track the listing of the Dangote refinery on the Nigerian Exchange, saying it would extend wealth creation opportunities to ordinary Nigerians and deepen the capital market.
He said allowing Nigerians to become co-owners of the refinery through shareholding would empower citizens, pointing to the strong track record of capital gains and dividends from Dangote Group’s listed companies.
The Dangote Group currently has three companies listed on the NGX: Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc. Dangote Cement, valued at over N8tn, has paid more than N3.3tn in cash dividends to shareholders over the past 15 years.
Shareholders also commended Dangote’s philanthropic contributions, particularly the recent launch of the N1tn Dangote Education Trust by the Aliko Dangote Foundation, describing it as a major investment in Nigeria’s future human capital.
They called on other wealthy Nigerians to emulate Dangote by prioritising local investments that create jobs, strengthen industrial capacity, and deliver broad-based economic benefits.
