Dangote could have made $120bn if $19bn for refinery was invested in tech

Vice President, Kashim Shettima, has said Africa’s richest man and owner of the Dangote Petroleum Refinery, Aliko Dangote, could have made $120bn now if he had invested the $19bn spent on building the refinery in tech companies like Amazon, Google or Microsoft.

Shettima said this as he lauded the billionaire industrialist for his massive investments in various sectors of the Nigerian economy.

The Vice President spoke at the Taraba International Investment Summit in Jalingo on Wednesday, May 21, 2025.

The event, which aimed to attract both local and international investors to the North-East state, had several dignitaries from the political and business worlds in attendance, including former Vice President Atiku Abubakar and chairman of Heirs Holdings Tony Elumelu.

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Shettima, who represented President Bola Tinubu at the event, commended Dangote for his continuous investments in the Nigerian economy and urged other Indigenous business moguls to follow in the industrialist’s footsteps.

“He started this project in 2007/2008. If he had invested the $19bn that it took him to set up Dangote Refinery in Microsoft, Amazon, Google, he’s going to be worth $120bn now but he decided to invest in his own country,” he said.

The Vice President described Taraba as the “agricultural powerhouse of Nigeria.”

For his part, Dangote urged both government and private stakeholders to collaborate to transform Taraba State into an economic hub.

At the same time, he called on the government to encourage domestic investment before seeking foreign direct investment.

“Foreign direct investment is good, but foreign investors will only come when they see that local investors are thriving. The government must encourage domestic investments first,” said the industrialist.

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In his remarks, Atiku advised Taraba State Governor, Agbu Kefas, to prioritise infrastructural development and leverage the private sector.

“What the governor is doing reminds me of the challenges we faced in rebuilding Nigeria’s economy then. He must leverage the private sector, bridge resource gaps, and prioritise investment in infrastructure, education, and health to improve human capital,” Atiku stated.