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Aliko Dangote, a billionaire businessman, has cautioned his detractors that their allegations of monopoly in the petroleum industry could impede domestic investment in the country’s economy.
The House of Representatives Committee on Petroleum Resources (Downstream) hosted the Inaugural Annual Downstream Petroleum Week in Abuja on Monday, when Dangote expressed his concerns.
The Kano-born businessman, represented by Aliyu Suleiman, Group Chief Strategy Officer of Dangote Industries Limited, advocated for policies that promote competition, innovation, and productivity in key economic sectors.
“Too many people with the means to build industries chose instead to invest abroad,” Dangote stated in reference to the problem of monopoly in the refining of crude oil. With minimal contribution to our economy, we made our decision remotely. Our selection is distinct. Nigeria is the destination we have decided on. We have made the decision to construct, hire, and produce here. Let’s refrain from halting expansion with the monopoly cry. Investing is open to anybody.
We will provide assistance in any manner we can, and we encourage others to construct their own refineries.
“In terms of refining, Nigeria has a natural competitive advantage. We benefit from being close to gas and oil resources. Thus, we ought to collaborate in order to grow this industry.
“We ought to endeavor to pass and carry out legislation that will support the growth of this industry. Let’s safeguard our sectors and bring about the economic change this nation so richly needs.
He claims that the Dangote Refinery can supply the country’s needs for jet fuel, premium motor spirit, and diesel while also having enough for export.
The refinery would soon be listed on the stock exchange, allowing Nigerians to purchase equity, he continued.
According to him, Africa’s refining industry is still in its infancy when compared to the continent’s crude production and consumption.
