Nigeria stands at a turning point in its energy history. With the Dangote Oil Refinery nearing completion and poised to become the largest in the world—expanding from 650,000 barrels per day to 1.4 million—Africa has before it a rare chance to reclaim its energy destiny.
Aliko Dangote’s record of industrial success places him in a category of his own. His ability to turn vision into large-scale operational success makes him the ideal figure to lead Nigeria’s next phase of energy transformation. His recent comments welcoming the Nigerian National Petroleum Company (NNPC) to acquire additional stakes in the refinery show not only openness but a strategic mindset for partnership.
To make the most of this opportunity, Nigeria should consider exchanging the country’s non-functional refineries for additional equity in the Dangote Refinery. This would bring all refining operations under one efficient system, driven by private-sector discipline and global standards. In return, Dangote’s leadership could transform Nigeria into the most efficient petroleum-producing nation in Africa, if not the world.
But the implications go far beyond oil. With this approach, a consolidated Nigerian refinery network could serve as the energy hub of the African continent, ending Africa’s wasteful dependence on imported fuel and securing its energy future.
The next step refinery should be to list Dangote Oil Refinery under the African Securities Exchange Association (ASEA), opening the door to continental ownership and investment. Many Africans across the continent would then own part of this energy system, but beyond that this single stroke would solve the problems of Africa’s inefficient and fragmented capital markets that are currently unhelpful to the Continental economy.
Beyond just continental ownership and meeting Africa’s Energy needs—it would ignite Africa’s capital markets. The emergence of an integrated African stock exchange would help provide liquidity to African entrepreneurs and enterprises as well as providing a platform for raising finance for continental megaprojects such as:
A Continental Railway Platform (African Railway Triangle Network Masterplan,
A continental Communication fiber-optic cable improving communication, and
Mega Energy Projects such as hydropower, nuclear plants, Solar and others to double Africa’s power generation in 15 years.
This is not mere speculation—it is a vision rooted in pragmatism. If Africa’s $4 trillion infrastructure gap is to be closed, it will take bold moves like this—anchored in African ingenuity and ownership. Nigeria, through Dangote’s refinery, could lead that transformation.
For the first time, ordinary Africans could buy shares in the continent’s energy future, transforming what was once a national refinery into a continental prosperity engine. And that, more than any single refinery, could mark the beginning of Africa’s true economic independence.
Sources:
- Africa’s $4trn infrastructure dream faces tough realities – The East African
- Dangote opens door for NNPC to raise stake in refinery – BrandIcon
