Aliko Dangote has told Africa’s largest pension fund that the planned stock exchange listing of his petroleum refinery is designed to open industrial wealth creation to ordinary Africans, as South African institutional investors signalled growing appetite for the continent’s large-scale infrastructure assets.
The President and Chief Executive of Dangote Group made the remarks during a visit by the leadership of South Africa’s Government Employees Pension Fund, the Public Investment Corporation and Alterra Capital Partners to the Dangote Petroleum Refinery and Petrochemicals complex and Dangote Fertiliser Limited in Lagos.
The South African delegation included GEPF Chairperson Frans Baleni, GEPF Principal Executive Officer Musa Mabesa, PIC Deputy Chairperson Mongwena Maluleke, PIC Chief Executive Officer Patrick Dlamini, and Alterra Capital Partners Managing Partner Genevieve Sangudi.
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. The PIC, which manages approximately 230 billion United States dollars in assets largely on behalf of the GEPF, is the continent’s largest asset manager.
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.”
— Aliko Dangote, President and CEO, Dangote Group
Dangote said the refinery 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. He noted that demand for polypropylene, aviation fuel and refined petroleum products had exceeded earlier projections, reinforcing the commercial viability of the project.
“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.
GEPF Chairperson Frans Baleni said the refinery demonstrated 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,” Baleni said.
He added that the significance of the project extends beyond Nigeria’s borders. “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,” he said.
PIC Chief Executive Patrick Dlamini described the refinery as one of the most transformative industrial projects undertaken on the continent. Invoking former South African President Nelson Mandela, he said: “It always looks impossible until it’s done. This project is redefining the story of Africa and the possibilities of Africa.”
Dlamini said PIC was actively seeking long-term partnerships aligned with infrastructure development, industrialisation 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,” he stated.
The visit comes amid a separate development at the Group. 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 spans more than 10,000 hectares across Ogun Waterside Local Government Area of Ogun State, stretching to Ilaje Local Government Area of Ondo State along the Gulf of Guinea coastline. It forms a central part of the Group’s Vision 2030 expansion agenda.
Managing Director for Infrastructure and Logistics at Dangote Industries, Captain Jamil Abubakar, described the proposed seaport as a strategic gateway that would transform host communities and Nigeria’s export capacity.
“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. It will create real opportunities for host communities through jobs, business activities and long-term developments across both Ogun and Ondo states,” Abubakar said.
He said the port was designed as a logistics gateway for an integrated industrial ecosystem that would strengthen Africa’s maritime trade and regional commerce. The facility is intended to facilitate exports of fertilisers, petrochemicals and refined petroleum products, while also supporting future liquefied natural gas exports and the importation of industrial equipment.
During community engagement visits to Ode-Omi in Ogun State, Araromi Seaside Kingdom and Igbokoda in Ondo State, traditional rulers expressed support for the project. The Lenuwa of Ode-Omi, Oba Folailu Adekunle Hassan, approved the commencement of survey activities and said the community had been awaiting the project. The Alara of Araromi Seaside Kingdom, Oba Adeoloye Olawole, pledged both physical and spiritual support.
Dangote Industries said the seaport is expected to drive large-scale economic activity, create jobs, attract foreign direct investment and strengthen Nigeria’s participation in intra-African trade under the African Continental Free Trade Area.
Additional reporting by Sunday Ehigiator, Peter Uzoho and Kayode Tokede.
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