Dangote says refinery listing will open Africa’s industrial wealth to investors

President and Chief Executive of Dangote Group, Aliko Dangote, has said the planned listing of the Dangote Petroleum Refinery and Petrochemicals on the Nigerian Exchange will allow Africans to directly participate in the continent’s industrial growth and wealth creation.

Dangote made the remarks during a visit by top officials of South Africa’s Government Employees Pension Fund (GEPF), the Public Investment Corporation (PIC) and Alterra Capital Partners to the Dangote Refinery and Dangote Fertiliser facilities in Ibeju-Lekki, Lagos.

The South African delegation included GEPF Chairperson, Frans Baleni; GEPF Principal Executive Officer, Musa Mabesa; PIC Deputy Chairperson, Mongwena Maluleke; PIC Chief Executive Officer, Patrick Dlamini; and Managing Partner of Alterra Capital Partners, Genevieve Sangudi.

According to Dangote, Africa’s future economic growth depends heavily on large-scale industrial projects capable of boosting local production, creating jobs and reducing dependence on imports.

L-R: Group Vice President, Oil & Gas, Dangote Industries Limited, Devakumar Edwin; Chairperson, Government Employees Pension Fund (GEPF), Frans Baleni; President/Chief Executive, Dangote Industries Limited, Aliko Dangote; and Deputy Chairperson, Public Investment Corporation (PIC), Dr Mongwena Maluleke, during the strategic visit of the leadership of GEPF & PIC to the Dangote Petroleum Refinery & Petrochemicals, Lekki, Lagos, at the weekend.

“We are opening the doors for investors to participate directly in Africa’s industrial future and the prosperity it will create,” Dangote said.

He explained that the refinery project was conceived to address Africa’s huge energy supply gap and strengthen regional refining capacity as demand for petroleum products continues to rise across the continent.

Dangote noted that demand for products such as aviation fuel, polypropylene and refined petroleum products had already surpassed initial projections, underscoring the refinery’s strong commercial prospects.

“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 stated.

The visit by the South African investors comes amid increasing interest from institutional investors in African infrastructure and industrial projects.

GEPF is Africa’s largest defined benefit pension fund with more than 1.8 million public sector beneficiaries, while PIC is regarded as the continent’s largest asset manager.

Speaking after touring the facilities, GEPF Chairperson, Frans Baleni, described the refinery as proof that Africa can successfully deliver world-class industrial projects.

“If it can be done anywhere else in the world, it can be done in Africa,” Baleni said.

L-R: Chief Executive Officer, Public Investment Corporation (PIC), Patrick Dlamini; Deputy Chairperson, PIC, Dr Mongwena Maluleke; President/Chief Executive, Dangote Industries Limited, Aliko Dangote; Chairperson, Government Employees Pension Fund (GEPF), Frans Baleni; and Principal Executive Officer, GEPF, Musa Mabesa, during the strategic visit of the leadership of GEPF & PIC to the Dangote Petroleum Refinery & Petrochemicals, Lekki, Lagos, at the weekend.

He added that the refinery had altered global perceptions about Africa’s industrial capabilities and demonstrated what could be achieved through visionary leadership and long-term investment.

PIC Chief Executive Officer, Patrick Dlamini, also described the refinery as one of the continent’s most transformative industrial projects.

Quoting former South African President Nelson Mandela, Dlamini said: “It always looks impossible until it’s done. This project is redefining the story of Africa and the possibilities of Africa.”

Dlamini disclosed that PIC, which manages approximately $230 billion in assets mainly on behalf of South Africa’s Government Employees Pension Fund, is exploring long-term investment partnerships focused on infrastructure, industrialisation and economic development across Africa.

According to him, poverty, unemployment and economic exclusion remain major threats to stability on the continent, making industrialisation and job creation essential for Africa’s future growth.

L-R: Group Vice President, Oil & Gas, Dangote Industries Limited, Devakumar Edwin; Chairperson, Government Employees Pension Fund (GEPF), Frans Baleni; President/Chief Executive, Dangote Industries Limited, Aliko Dangote; Deputy Chairperson, Public Investment Corporation (PIC), Dr Mongwena Maluleke; and Managing Director/Chief Executive Officer, Dangote Petroleum Refinery & Petrochemicals, David Bird, during the strategic visit of the leadership of GEPF & PIC to the Dangote Petroleum Refinery & Petrochemicals, Lekki, Lagos, at the weekend.