Shareholders Praise Dangote Refinery’s Contribution to the Economy

Shareholders have praised the Dangote Petroleum Refinery for strengthening Nigeria’s economic stability and alleviating fuel shortages, highlighting that the $20bn facility has delivered significant benefits to the nation and citizens’ welfare.

In a statement on Sunday, they said the refinery’s operations marked a milestone for Nigeria’s downstream petroleum sector, noting that the country experienced year-end festivities without the usual fuel scarcity or price surges for the first time in recent memory.

Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders, noted that the refinery’s activities are already helping to ease inflationary pressures, particularly through lower transport and energy costs. He added that the reduction in retail petrol prices following the start of local refining has contributed to a sustained disinflationary trend.

Describing the refinery as a major national achievement, Umar said it has positioned Nigeria globally as home to the world’s largest single-train refinery while boosting the domestic economic environment. He highlighted 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 as evidence of Aliko Dangote’s long-term commitment to the country despite operational challenges.

Shareholders also pointed to planned expansions in polypropylene production to 2.4 million metric tonnes annually and urea output from three million to nine million metric tonnes per year, noting the potential positive impact on Nigeria’s manufacturing and agricultural sectors. They emphasised that Dangote’s investment strategy is notable at a time when many wealthy individuals prefer overseas assets, describing him as the largest indigenous investor in the Nigerian economy.

Umar encouraged Dangote to expedite the listing of the refinery on the Nigerian Exchange to provide ordinary Nigerians with wealth-creation opportunities and deepen the capital market. He said shareholding would empower citizens, referencing the strong track record of capital gains and dividends from other Dangote Group listed companies, including Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc.

The shareholders also applauded Dangote’s philanthropic efforts, particularly the launch of the N1tn Dangote Education Trust by the Aliko Dangote Foundation, calling it a significant investment in Nigeria’s future human capital. They urged other wealthy Nigerians to follow Dangote’s example by prioritising local investments that generate jobs, strengthen industrial capacity, and drive broad-based economic growth.