President and Chief Executive of the Dangote Group, Aliko Dangote, has revealed that the planned listing of the Dangote Petroleum Refinery and Petrochemicals on the Nigerian Exchange is aimed at allowing more Africans to benefit directly from the continent’s industrial growth.
Dangote made the disclosure during a visit by officials from South Africa’s Government Employees Pension Fund (GEPF), the Public Investment Corporation (PIC), and Alterra Capital Partners to the refinery and fertiliser complex in Lagos.
The delegation included GEPF Chairperson Frans Baleni, GEPF Principal Executive Officer Musa Mabesa, PIC Deputy Chairperson Mongwena Maluleke, PIC Chief Executive Officer Patrick Dlamini, and Alterra Capital Partners Managing Partner Genevieve Sangudi.
The visit reflects the growing interest among African investors in large-scale infrastructure and industrial projects across the continent. GEPF is currently Africa’s largest pension fund, while PIC is regarded as the continent’s biggest asset manager.
Speaking during the meeting, Dangote said Africa’s economic future depends heavily on large industrial investments capable of creating jobs, increasing local production and reducing dependence on imports.
According to him, the refinery listing will provide ordinary Africans and institutional investors with the opportunity to become part of the continent’s industrial transformation.
“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 was built to meet Africa’s growing energy demand and reduce the continent’s dependence on imported petroleum products.
Dangote also stated that demand for refined products such as aviation fuel, polypropylene and petroleum products has already exceeded the company’s initial expectations.
He noted that despite the refinery’s current production level, market demand remains extremely high, forcing the company to consider future expansion opportunities.
“We initially focused on supplying Nigeria before exports, but demand has grown beyond expectations,” he said.
Following a tour of the facilities in Ibeju-Lekki, South African pension fund chairman Frans Baleni praised the refinery project, describing it as proof that Africa can successfully deliver world-class industrial projects.
According to Baleni, the Dangote Refinery is changing global perceptions about Africa’s industrial capacity and showing that the continent can compete with developed economies when supported by strong leadership and long-term investment.
“If it can be done elsewhere in the world, it can also be done in Africa,” he said.
PIC Chief Executive Officer Patrick Dlamini also described the refinery as one of Africa’s most important industrial developments in recent years.
Quoting former South African President Nelson Mandela, Dlamini said, “It always looks impossible until it’s done.”
He explained that PIC, which manages about $230 billion in assets, is interested in partnerships that support industrialisation, infrastructure growth and economic transformation across Africa.
According to Dlamini, unemployment, poverty and economic exclusion remain major challenges across the continent, making industrial projects like the Dangote Refinery important for Africa’s long-term growth and stability.
The Dangote Refinery is widely seen as one of the largest privately-owned industrial projects in Africa and is expected to play a major role in reshaping the continent’s energy and manufacturing sectors.
