Sanusi: Nigeria’s 200m Population Is a Huge Market, Dangote Chose to Produce for It

Former Central Bank of Nigeria (CBN) Governor and Emir of Kano, Muhammadu Sanusi II, has described Nigeria’s large population as a major economic opportunity, saying Aliko Dangote’s decision to produce goods locally is built around serving the country’s huge domestic market.

Sanusi spoke at the Dangote Refinery Initial Public Offering (IPO) Investor Roadshow in Kano, where he highlighted what he described as the long-term strategy behind Dangote’s investments in cement, petroleum refining and other industries.

According to Sanusi, Nigeria’s population provides a ready market for essential goods and services.

“If you have 200 million people, you have the market. You don’t need to go anywhere. Everybody is coming to Nigeria to sell to us,” he said.

He explained that Nigerians would continue to need essential products, including petrol for vehicles, cement for houses, food, transportation and aviation services.

Sanusi said Dangote’s approach was to produce many of those products locally instead of relying heavily on imports.

He recalled a conversation dating back to 1998, saying he had observed the strategy from its early stages and that the investments in cement and the refinery represented a consistent business approach.

“Somebody needs to produce the petrol for your cars. Somebody needs to produce the cement for your houses. Somebody needs to produce the food that you eat,” Sanusi said.

He noted that Nigeria had historically imported many of these products from Asia, Europe and America, arguing that increasing domestic production could help retain economic value within the country.

Sanusi also pointed to the potential for more Nigerian entrepreneurs to adopt similar industrial models, referencing the business activities of other major Nigerian investors.

He used a Hausa saying to illustrate the importance of being the first to take a risk, explaining that when someone crosses a river first and survives, others gain confidence to follow.

“The difference is that Aliko was the one who took the first risk,” he said.

From an economic perspective, Sanusi said Nigeria had long faced the contradiction of exporting raw materials while importing finished products.

He questioned how an oil-producing country could continue importing refined petroleum products, while a country with extensive agricultural land imports food.

He also cited Nigeria’s mineral resources and questioned the continued reliance on imported industrial products.

Sanusi further reflected on his experience as CBN governor, saying one of his major concerns was the amount of foreign exchange Nigeria spent importing petroleum products after earning foreign exchange from crude oil exports.

He said the country effectively used its foreign exchange to purchase refined products from overseas refineries and, under the former subsidy regime, supported the continued operation of refineries outside Nigeria.

“Instead of using the foreign exchange to develop agriculture, to develop infrastructure, to develop education, we would export crude oil and then turn around and import refined petroleum products,” he said.

Sanusi said the Dangote Refinery had disrupted that longstanding model by creating domestic refining capacity.

“Beyond business, beyond profits, we have to thank Aliko for what he has done to the Nigerian economy,” he said.

The Dangote Refinery IPO opened on September 14, 2026, with the company offering 4.1 billion ordinary shares at ₦525 per share and a minimum subscription of 10 shares.