Dangote denies monopoly claims, urges more players in Nigeria’s energy sector

Dangote Group President, Alhaji Aliko Dangote has dismissed claims that his companies are seeking to monopolise Nigeria’s energy market.

Instead, Alhaji Dangote emphasised that the conglomerate was setting the pace for industrial growth and encouraging other players to join the sector.

Speaking at the Dangote Refinery revent to mark one year of petrol production, Dangote said Nigeria must embrace large-scale investment in refining to ease the burden of fuel imports and strengthen its foreign exchange position.

He revealed that the country could earn nearly $500 million annually from cement exports alone, adding that similar benefits would flow from energy if more players invested in the downstream sector just like the case with cement.

“We’re Pacesetters, we don’t want to also be a monopoly. We want other players in the business.

“But you cannot come to a soccer field and you want to play cricket, you will wound somebody. If they want to play, let them come and play soccer, so we can all follow the same rules of the game, ” he said.

 He cited the cement industry as an example, where the country could earn nearly $500 million annually from exports alone. Dangote argued that similar benefits would flow from energy if more players invested in the downstream sector.

Dangote emphasised the need for large-scale investment in refining to ease the burden of fuel imports and strengthen Nigeria’s foreign exchange position.

He revealed that over 30 licenses have been issued to prospective operators, and those making noise about monopoly should instead invest in building their own plants.

“The best option that I believe, if people now really want this market open, is to encourage everybody,” he said.

Nigeria is already a supplier of gasoline to Europe and the United States, exporting between 1.6 and 1.8 billion liters of gasoline between June and September this year alone.

Dangote maintained that domestic supply remains a priority, despite the export drive.

The billionaire projected that by next year, Nigeria would be the largest exporter of polypropylene in Africa, while the Dangote Group aims to become the world’s biggest producer of urea fertilizer.

These ambitions, he said, were part of a wider national agenda to create jobs, stabilize the economy, and reduce poverty.

Dangote also criticised the Nigerian National Petroleum Corporation’s (NNPC) refining model, describing it as unsustainable.

He noted that while the Dangote Refinery produces 54 per cent gasoline from crude oil, NNPC yields only 18 per cent, mostly low-value fuel oil.

 “The more they operate, the more money they lose,” he said.