Stop Hiding Behind Monopoly Claims!” – Dangote Fires Back At Critics Over His Expanding Empire

Billionaire industrialist Aliko Dangote has cautioned critics that persistent accusations of monopoly in Nigeria’s petroleum sector could discourage local investment and slow economic growth.

Dangote made the remarks in Abuja on Monday during the Inaugural Annual Downstream Petroleum Week, organised by the House of Representatives Committee on Petroleum Resources (Downstream).

Represented by the Group Chief Strategy Officer of Dangote Industries Limited, Aliyu Suleiman, the business mogul emphasized the need for government policies that promote productivity, innovation, and fair competition across key sectors of the economy.

Addressing allegations of monopoly in crude oil refining, Dangote said:

“For too long, many with the means to build industries have chosen instead to invest abroad, adding little value to our economy. We have chosen differently — to invest, build, and produce in Nigeria.
Let us not use the cry of monopoly to hinder growth. No one is prevented from investing. We welcome others to build their refineries, and we’re willing to support them in any way possible.”

He stressed that Nigeria has a natural competitive advantage in refining, given its proximity to oil and gas resources, and called for collaboration and effective legislation to strengthen the sector.

“We must enact and implement laws that will allow this sector to prosper,” he added. “Let’s protect our industries and deliver the economic transformation this country deserves.”

Dangote noted that the Dangote Refinery has the capacity to meet Nigeria’s demand for diesel, premium motor spirit (petrol), and jet fuel, with surplus output available for export.

He further revealed that plans are underway to list the refinery on the stock exchange, enabling Nigerians to participate as shareholders.

According to him, Africa’s refining capacity remains far below its consumption levels, despite the continent’s vast crude oil production — a gap his company aims to help bridge.