Sanwo-Olu Lauds Dangote’s Resilience Despite Lagos Refinery Obstacles
• Aliko: No amount of hurdles will stop us from industrialising Africa •Says IPO offering Nigerians stake in continent’s biggest project • Rewane: Offer can trigger industrial transformation •Facility raises
Lagos State Governor Babajide Sanwo-Olu praised Dangote Refinery's resilience despite facing numerous challenges during its construction. The governor emphasized that the refinery showcases Africa's capability to undertake ambitious projects on a scale that changes markets. Built on reclaimed land and with additional infrastructure like a jetty and power plant, the refinery has overcome issues such as a late completion, high costs, and the impact of a pandemic.
Sanwo-Olu urged increased participation from African pension funds, sovereign wealth funds, and the diaspora in owning strategic assets across the continent, stating that collective ownership and collaboration are vital for Africa's growth phase. Dangote Group CEO Aliko Dangote explained that the IPO aims to extend the prosperity generated by the refinery to ordinary Africans, allowing them to invest and share in the company's success.
The refinery is intended to become Africa's largest company by size and profitability, according to Dangote.
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