South African Investors Set Sights on Dangote Refinery as Africa’s Industrial Future Gains Momentum
Africa’s largest industrial project may soon attract significant South African capital as leading pension and investment institutions expressed strong interest in investing in the Dangote Petroleum Refinery and Petrochemicals. The interest emerged after a high-level delegation from South Africa’s Government Employees Pension Fund (GEPF), Public Investment Corporation (PIC), and Alterra Capital Partners toured the world-class refinery and fertiliser complex in Ibeju-Lekki, Lagos.
The visiting delegation described the Dangote Refinery as a landmark achievement for Africa, demonstrating the continent’s ability to successfully execute large-scale infrastructure projects traditionally associated with more developed economies. Chairperson of GEPF, Frans Baleni, praised the project as a powerful symbol of Africa’s industrial capability, saying it challenges long-held perceptions about what the continent can accomplish when visionary leadership is matched with long-term investment capital.
For South Africa’s investment community, the refinery represents more than a profitable venture—it is seen as a catalyst for regional economic transformation. Public Investment Corporation CEO Patrick Dlamini, whose organisation manages approximately $230 billion in assets, described the refinery as one of the most transformative projects ever undertaken in Africa. He noted that the facility aligns perfectly with PIC’s strategy of supporting infrastructure development, industrialisation, and sustainable economic growth across the continent through patient, long-term capital.
Speaking during the visit, President of the Dangote Group, Aliko Dangote, revealed plans to list the refinery on the Nigerian Exchange, a move aimed at giving ordinary Africans an opportunity to own a stake in one of the continent’s most ambitious industrial ventures. According to Dangote, Africa’s future prosperity depends on developing large-scale industries capable of creating jobs, boosting local production, reducing import dependence, and driving economic growth across multiple sectors.
Dangote also disclosed that demand for key products including aviation fuel, polypropylene, and refined petroleum products has already surpassed initial projections, highlighting the refinery’s strong commercial potential. He noted that growing demand across Nigeria and other African markets continues to outpace supply, reinforcing the need for expanded refining capacity. The development underscores the refinery’s strategic importance and strengthens its appeal to institutional investors seeking exposure to Africa’s rapidly evolving industrial landscape.
source: Punch