Aliko Dangote, Africa’s richest man and chairman of the Dangote Group, has been praised by the Nigerian government for prioritising national development over foreign wealth opportunities. At a time when global tech companies like Microsoft, Amazon, and Google were open for early investment, Dangote chose not to invest in those firms. Financial analysts believe that if he had done so, his net worth could have reached over $120 billion today. But instead, Dangote focused on building what is now Africa’s largest refinery – the Dangote Petroleum Refinery in Lekki, Lagos.
Vice President Kashim Shettima gave this commendation while speaking at the 2025 Taraba International Investment Summit held in Jalingo. He represented President Bola Ahmed Tinubu at the event. Shettima said Dangote’s choice is a powerful example of how wealthy Nigerians can support national development. According to him, while many investors chase quick profit abroad, Dangote decided to invest billions into Nigeria’s future by developing massive infrastructure.
The $19 billion Dangote Refinery, which started construction around 2007/2008, is now the largest single-train oil refinery in the world. It has the capacity to refine 650,000 barrels of crude oil every day. The refinery began producing diesel, naphtha, and jet fuel in January 2024. Petrol production officially started in September 2024. The refinery is expected to significantly reduce Nigeria’s dependency on imported fuel, a challenge that has cost the country billions of dollars every year.
Aliko Dangote’s decision to build the refinery has not only changed Nigeria’s energy sector but has also boosted his personal fortune. His net worth has now doubled to $28 billion, making him Africa’s wealthiest individual once again, according to Forbes. Dangote himself has said several times that he believes in using Nigeria’s resources to build Nigerian industries and create jobs. He has also expressed his desire to leave a legacy that goes beyond money.
The refinery, located in the Lekki Free Zone, is expected to create thousands of direct and indirect jobs and stimulate economic growth across various sectors including transport, petrochemicals, and logistics. Experts say the project will also support Nigeria’s goal to become self-sufficient in fuel production and reduce pressure on the naira.
Apart from the refinery, the Dangote Group is also active in cement production, fertilisers, food processing, and sugar. The company continues to invest heavily in different parts of Nigeria and Africa, focusing on long-term economic transformation rather than short-term profits.
For many Nigerians, Dangote’s choice to build at home rather than invest abroad is seen as patriotic. His refinery project is now seen as one of the most important industrial investments in Nigeria’s history. Government officials, business leaders, and ordinary citizens alike believe it sets a good example for other wealthy Nigerians to follow.
In the end, Dangote’s choice reflects a rare kind of commitment — one that favours building a lasting future for Nigeria over joining the global billionaire race. His focus on energy infrastructure, local capacity building, and economic self-reliance continues to position him as a key figure in Nigeria’s economic growth story.
