Refinery Listing Will Democratise Africa’s Industrial Prosperity – Dangote

President/chief executive of Dangote Group, Aliko Dangote, has said the planned listing of Dangote Petroleum Refinery & Petrochemicals on the Nigerian Exchange is designed to democratise wealth creation and give Africans direct access to participate in the continent’s industrial transformation.

Dangote stated this during the visit of the leadership of South Africa’s Government Employees Pension Fund (GEPF), alongside the Public Investment Corporation and Alterra Capital Partners, to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Lagos.

The South African delegation included the chairperson of GEPF, Frans Baleni; the principal executive officer of GEPF, Musa Mabesa; the deputy chairperson of PIC, Mongwena Maluleke; the chief executive officer of PIC, Patrick Dlamini; and the managing partner of Alterra Capital Partners, Genevieve Sangudi.

The visit comes amid rising investor interest in Africa-led industrialisation and long-term infrastructure investments. GEPF is Africa’s largest defined benefit pension fund, managing the retirement and associated benefits of more than 1.8 million public sector workers in South Africa, while PIC is the continent’s largest asset manager.

Speaking about the planned refinery listing, Dangote said Africa’s next phase of economic growth must be anchored in 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.

According to him, the refinery project reflects the scale of untapped opportunities in Africa’s energy market, particularly given that most African countries remain dependent on imported refined petroleum products despite growing industrial demand and rising consumption.

Dangote said the Group’s long-term investment strategy is driven by Africa’s expanding energy needs and the urgent requirement for regional refining capacity capable of serving multiple markets across the continent.

He noted that demand for products such as polypropylene, aviation fuel, and refined petroleum products has exceeded earlier projections, reinforcing the refinery’s commercial viability and shaping future expansion plans.

Speaking after the tour of the Dangote facilities in Ibeju-Lekki, the chairperson of GEPF, Frans Baleni, said that the refinery stands as evidence that Africa can execute transformational infrastructure projects when backed by visionary leadership, long-term investment and strong technical expertise.

Baleni added that the project’s significance extends well beyond Nigeria’s borders.

On his part, chief executive officer of PIC, Patrick Dlamini, described the refinery as one of the most transformative industrial projects undertaken on the continent, saying it is reshaping global perceptions about Africa’s industrial capabilities and economic potential.

He said PIC, which manages about $230 billion in assets largely on behalf of South Africa’s Government Employees Pension Fund, is actively seeking long-term partnerships aligned with infrastructure development, industrialisation and economic transformation across Africa.