Lagos, Nigeria — Africa’s richest man, Aliko Dangote, says the planned listing of Dangote Petroleum Refinery & Petrochemicals on the Nigerian Exchange will democratise wealth creation by giving everyday Africans a stake in the continent’s industrial growth.
Speaking during a tour of the Ibeju-Lekki complex by South African institutional investors, the Dangote Group President said the move is aimed at opening direct investment access to large-scale industrial assets that have traditionally been closed to the public.
“Africa’s next phase of economic growth must be anchored on large-scale industrial projects capable of creating jobs, strengthening domestic production capacity and generating broad-based prosperity.
“We are opening the doors for investors to participate directly in Africa’s industrial future and the prosperity it will create,” Dangote said.
The delegation included leaders from South Africa’s Government Employees Pension Fund (GEPF), the Public Investment Corporation (PIC), and Alterra Capital Partners.
GEPF is Africa’s largest defined benefit pension fund, covering over 1.8 million public sector workers, while PIC manages roughly $230 billion in assets — making it the continent’s biggest asset manager.
Dangote noted that demand for the refinery’s output, including polypropylene, aviation fuel, and refined petroleum products, has already outpaced projections, despite most African nations still relying heavily on imports.
“We thought about Nigeria first and then exports, but even with our current production, we are practically living hand to mouth because the market demand is extremely high,” he said.
GEPF Chairperson, Frans Baleni, called the facility proof that Africa can deliver world-class industrial projects.
“If it can be done anywhere else in the world, it can be done in Africa. This project has shown that the continent is capable of achieving world-class industrialisation at scale.
“This is the kind of African-led industrial scale that institutional investors on this continent should be backing,” Baleni said.
PIC CEO Patrick Dlamini echoed that view, quoting Nelson Mandela: “It always looks impossible until it’s done. This project is redefining the story of Africa and the possibilities of Africa.”
He added that PIC is actively seeking long-term partnerships in infrastructure and industrialisation.
According to him, “What we have seen today reinforces our conviction that the next chapter of African prosperity will be written through partnership between African institutional capital and African industrial champions.”
Dlamini stressed that poverty, unemployment, and economic exclusion remain key drivers of instability across Africa, making industrialisation and job creation critical to long-term development.
The Dangote Refinery, located in Ibeju-Lekki, Lagos, is Africa’s largest single-train refinery and is central to Nigeria’s push to end fuel imports and become a net exporter of refined products.
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