August 30, 2025 – On August 21, Mitsui Chemicals made an official announcement that it has signed a Memorandum of Understanding (MoU) with Nigeria-based Dangote and consulting firm AAIC Holdings. The primary goal of this agreement is to explore potential collaboration opportunities across the African region, with a particular focus on Nigeria. This new cooperative move has added fresh interest to the development of Africa’s chemical industry and its related sectors.
Founded in 1981, Dangote Industries Limited is a comprehensive manufacturing enterprise that owns Africa’s largest oil refinery. Designed to process 650,000 barrels of crude oil per day, this refinery has an annual crude processing capacity of approximately 32.5 million tons. Since it started operations at the beginning of last year, the facility has not only been able to fully meet Nigeria’s domestic demand for all refined petroleum products but also generate surpluses of each product for export. It is reported that the preparation for this refinery took 11 years and involved an investment of up to 23 billion U.S. dollars. Its product portfolio includes gasoline and diesel that meet European standards, as well as jet fuel and polypropylene.
According to insights from the Color Masterbatch Industry Network, the operation of this refinery is expected to have a certain impact on European refineries that have long been exporting fuel to Nigeria. Local gasoline imports in Nigeria are projected to drop to their lowest level in eight years. Furthermore, as the project gradually gets on track, the personal wealth of Alhaji Aliko Dangote—founder, president, and CEO of the Dangote Group—has grown significantly, surging to 23.8 billion U.S. dollars, nearly doubling compared to last year.
Dangote expressed his hope that his project can serve as a model for industrialization across the entire African continent. “We must rely on ourselves to build our countries and our continent, rather than depending on foreign investment,” he stated. In his view, Africa has long been “merely a dumping ground for finished goods.” His refinery, however, represents “a crucial step in ensuring that Africa gains independent oil refining capabilities, which in turn will create wealth and bring prosperity to the continent’s large population.” This philosophy has also endowed the collaboration between Mitsui Chemicals and the relevant enterprises with deeper significance.