Aliko Dangote, President of Dangote Group, has dismissed claims that his companies are monopolising Nigeria's energy market, stating that the Group is driving industrial growth while encouraging other investors, including SMEs, to participate.
Speaking at the Dangote Refinery during the one-year anniversary of petrol production, Dangote stressed that increased investment in refining would ease Nigeria's dependence on fuel imports and boost foreign exchange earnings. He cited the success of cement exports as an example of how multiple players can generate shared benefits across a sector.
"We are pacesetters, not monopolists. The market is open for everyone willing to invest," he said, urging businesses to explore opportunities across the energy value chain. Dangote noted that more than 30 refinery licences have already been issued and encouraged new entrants—both large investors and smaller operators—to take advantage of the opportunities.
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While highlighting Nigeria's growing fuel exports to Europe and the U.S., Dangote assured that meeting domestic demand remains a priority. He also projected that Nigeria will soon become Africa's largest exporter of polypropylene, while Dangote Group is working toward becoming the world's biggest producer of urea fertiliser.
He added that broader participation from entrepreneurs and SMEs in energy and related industries will not only strengthen the sector but also create jobs, support economic stability, and reduce poverty.
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