The Chairman and Chief Executive Officer (CEO) of Dangote Group, Aliko Dangote, on Monday said the Dangote Petroleum Refinery and Petrochemicals will become the world’s largest refinery by 2028.
Dangote made this disclosure at the preliminary signing ceremony for the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
Reflecting on the project’s development, Dangote said the journey began more than a decade ago when the group secured a loan agreement with the backing of its bankers.
He said the lenders demonstrated confidence in the project despite not having seen the refinery site or even a licence for the facility at the time.
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The African richest man said, “Today marks a significant milestone for us as not just a company, but as Nigerians and also Africans.
“As we gather today to witness the preliminary activities that will set in motion the initial public offering (IPO) of the 700,000 barrels per day Dangote Refinery and petrochemicals, the largest refinery in Africa, the world’s largest single train, and soon to be the largest refinery in world history by 2028.
“Today also shows that nothing is impossible for us to achieve once we are focused and determined. Our Vision 2030 mantra at the Dangote Group is accelerating Africa’s industrialisation.
“We have learned the hard way, and we cannot industrialise if we do not have energy security.”
He also said the group’s investment strategy had consequently shifted towards strengthening energy security in Nigeria, which he described as the powerhouse of Africa, while extending its industrialisation plans to other parts of the continent.
Dangote noted that the group had announced expansion plans in Ethiopia, Kenya, Tanzania, Namibia, and other African countries, with the group’s investments also encouraging other entrepreneurs to participate in Africa’s industrialisation.
On the proposed share offering, Dangote said ownership would not be restricted to a particular category of investors.
“There is no segregation on who can own the shares. We want every human being living on the continent to be part of this action, and I’m sure they will continue to be happy now, in the future, and forever,” he added.
