Elon Musk Rival: Shettima Explains Sector Dangote Should Have Invested $19bn Refinery Money

• Nigeria’s Vice President, Kashim Shettima, has praised Aliko Dangote for his patriotism in building the world’s largest single-train refinery in Nigeria
• Shettima disclosed that Dangote prioritised national development over investing the $19 billion used to build the refinery in big tech firms
• The VP said if Dangote had invested in firms like Microsoft, Amazon, or Google, he would have been $120 billion richer by now

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian government has hailed Africa’s richest man and industrialist, Aliko Dangote, for choosing national development over the massive windfall from the global tech industry.

Nigeria’s Vice President, Kashim Shettima, disclosed this in a tribute to the billionaire and stressed the importance of the $19 billion Dangote Refinery to Nigeria’s economic well-being.

FG praises Dangote’s patriotism

Shettima spoke at the Taraba International Investment Summit 2025 in Jalingo, where he represented President Bola Tinubu.

The VP disclosed that Dangote could have chosen to invest his resources in big tech firms such as Microsoft, Amazon, or Google and earned huge returns.

“He started this project in 2007/2008. If he had invested the $19 billion that it took him to set up the Dangote Refinery in Microsoft, in Amazon, in Google, he is going to be worth $120 billion now,"

Dangote’s wealth balloons

Shettima said Nigeria’s economic transformation must begin at the grassroots and be powered by locally sourced materials.

The $19 billion Dangote Refinery is the largest single-train facility in the world and Africa’s biggest, and it is Aliko Dangote’s most ambitious project.

Legit.ng reported that Dangote’s net worth ballooned to over $28 billion after the refinery’s launch, boosting his wealth by $13 billion and solidifying his position as Africa’s wealthiest individual.

The move also improved his global status, catapulting him to the 64th richest man globally, from below the 100th place on the Bloomberg Billionaire Index.

According to reports, the mega refinery is designed to process 650,000 barrels of crude oil daily and is expected to reduce Nigeria’s dependence on fuel imports.

Dangote Refinery threatens Europe

The Organisation of Petroleum Exporting Countries (OPEC) said the giant refinery surpasses 10 of Europe’s largest refineries and will disrupt the EU oil market.

The refinery began processing crude in 2024, rolling out aviation fuel, diesel and petrol in quick succession.

Its production significantly lowered petrol prices, which hit N1,200 per litre when the Nigerian government ended the subsidy on petroleum products.

Experts say the mega plant could end the long-standing petrol trade from Europe to Africa, valued at $17 billion annually.

Dangote refinery begins new product

Legit.ng earlier reported that Dangote Refinery has announced a partnership with Vinmar Group, a global petrochemical distributor, to export Dangote polypropylene into the international market.

Dangote’s $2bn plant in Lagos, with a production capacity of 830 mt, began producing polypropylene in March 2025, packaging 25kg bags for the Nigerian market.

Dangote Group’s executive director, commercial, Fatima Aliko Dangote, disclosed that the move shows the company’s drive to make Dangote polypropylene a world-class company.

Source: Legit.ng