The President/Chief Executive of Dangote Group, Aliko Dangote, has said the planned listing of the Dangote Petroleum Refinery & Petrochemicals on the Nigerian Exchange was 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.
This comes as ahead of the take-off of what was projected to become Africa’s largest deep-seaport, the Dangote Industries Limited, commenced preliminary activities for the execution of the Olokola Deep Seaport project, a multi-billion-dollar maritime and industrial infrastructure initiative at the Olokola Free Trade Zone.
The South African delegation, according to a statement by Dangote Group, included Chairperson of GEPF, Frans Baleni; Principal Executive Officer of GEPF, Musa Mabesa; Deputy Chairperson of PIC, Mongwena Maluleke; Chief Executive Officer of PIC, Patrick Dlamini; and Managing Partner of Alterra Capital Partners, Genevieve Sangudi.
The visit comes amid rising investor interest in Africa-led industrialisation and long-term infrastructure investments.
The 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 on the planned refinery listing, Dangote said Africa’s next phase of economic growth must be anchored on 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 within Africa’s energy market, particularly as 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 was driven by Africa’s expanding energy needs and the urgent requirement for regional refining capacity capable of serving multiple markets across the continent.
The billionaire industrialist noted that demand for products such as polypropylene, aviation fuel, and refined petroleum products has exceeded earlier projections, reinforcing the commercial viability of the refinery and shaping future expansion plans.
“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 said.
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.
“If it can be done anywhere else in the world, it can be done in Africa. This project has shown that the continent is capable of achieving world-class industrialisation at scale”, he said.
Baleni added that the significance of the project extends well beyond Nigeria’s borders.
He added: “What has been built here is reshaping how the world should think about African industrial capability — and it should reshape how Africa thinks about itself. For too long, projects of this magnitude have been associated with other parts of the world.
“The Dangote Refinery and Petrochemicals Complex is a powerful demonstration that, with visionary leadership and long-term capital, that perception no longer holds. This is the kind of African-led industrial scale that institutional investors on this continent should be backing.”
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 was reshaping global perceptions about Africa’s industrial capabilities and economic potential.
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.”
He said PIC, which manages about $230 billion in assets largely on behalf of South Africa’s Government Employees Pension Fund, was actively seeking long-term partnerships aligned with infrastructure development, industrialisation and economic transformation across Africa.
“PIC’s mandate is to deploy long-term, patient capital in service of industrialisation, infrastructure and economic transformation across Africa.
“What we have seen today reinforces our conviction that the next chapter of African prosperity will be written through partnership between African institutional capital and African industrial champions. There is real strategic alignment between Dangote’s industrial agenda and how we are positioning our portfolio, and we look forward to exploring meaningful avenues for collaboration”, Dlamini stated.
According to him, poverty, unemployment and economic exclusion remain major drivers of instability across Africa, making industrialisation and large-scale job creation critical to the continent’s long-term development.
Meanwhile, Dangote Industries Limited has commenced preliminary activities for the execution of the Olokola Deep Seaport project, a multi-billion-dollar maritime and industrial infrastructure initiative at the Olokola Free Trade Zone.
The project, which spans more than 10,000 hectares across Ogun Waterside Local Government Area of Ogun State and stretches to Ilaje Local Government Area of Ondo State along the Gulf of Guinea coastline, forms a central part of the Group’s “Vision 2030” expansion agenda.
Dangote Industries said the project was aimed at deepening logistics, maritime infrastructure and export-led industrialisation as the company pushes to become a globally recognised manufacturing and industrial leader within the next five years.
Leading the company’s management team on a visit to host communities, the Managing Director, Infrastructure and Logistics, Dangote Industries Limited, Capt. Jamil Abubakar described the proposed seaport as a strategic gateway that would transform both the host communities and Nigeria’s export capacity.
According to him, “The Olokola Port project is a major step in opening up Nigeria’s economic potential, strengthening trade, reducing pressure on existing ports and supporting industrial growth.”
He added: “It will create real opportunities for host communities through jobs, business activities and long-term developments across both Ogun and Ondo states. With its strategic location, Olokola would serve as a key gateway for exports and imports, boosting Nigeria’s competitiveness in regional and global trade.”
Abubakar further stated that the project reflects the company’s long-term commitment to economic growth and industrial development.
“This project reflects our commitment to building infrastructure that benefits both the people and the economy at large,” he said.
He explained that the deep seaport was designed as, “a logistics gateway for an integrated industrial ecosystem,” that would strengthen Africa’s maritime trade and regional commerce.
According to him, the port would facilitate the export of fertilisers, petrochemicals, and refined petroleum products, while also supporting future Liquefied Natural Gas exports and the importation of industrial equipment and inputs.
During the engagement tour, the Dangote team, accompanied by land surveyors, estate valuers and environmental consultants, visited Ode-Omi community in Ogun State, Araromi Seaside Kingdom and Igbokoda town in Ondo State.
Abubakar assured the communities that consultations and stakeholder engagement would remain continuous throughout the execution process.
“We have come to engage with the communities because this continuous engagement is a crucial part of the whole process,” he stated.
At the Ode-Omi community, the Lenuwa of Ode-Omi, Oba Folailu Adekunle Hassan (Oshotekun Ill), expressed satisfaction over the choice of the area for the project and pledged the support of the community.
“We have been expecting you for long. It is good that you are here today. Do your best, and we will all benefit from this process,” the monarch said.
The traditional ruler also approved for the company to commence survey activities and other preliminary processes related to the project.
According to him, the activities would include “the enumeration of households, economic trees, and compensation and settlement to all communities that will be covered by the deep seaport project.”
Similarly, the Alara of Araromi Seaside Kingdom in Ilaje Local Government Area of Ondo State, Oba Adeoloye Olawole, assured the company of the community’s support for the project.
“We can’t wait for this project to commence. We are going to give you physical and spiritual support. If this project can begin tomorrow, you are welcome,” the monarch said.
The Dangote management team also paid a courtesy visit to the Nigerian Navy Forward Operating Base in Igbokoda, where the Base Operations Officer and Acting Commanding Officer, Lt. Commander A.A. Makinwa, pledged the Navy’s cooperation with the Group.
According to the company, the proposed Olokola Deep Seaport was expected to drive large-scale economic activities, create jobs, attract foreign direct investment and stimulate sectors such as logistics, manufacturing and services.
Dangote Industries further stated that the project would strengthen Nigeria’s participation in intra-African trade under the African Continental Free Trade Area while boosting export diversification and foreign exchange earnings.
Sunday Ehigiator, Peter Uzoho, and Kayode Tokede
Follow us on:
