Former presidential candidate Peter Obi has expressed support for the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery, describing the project as an important step towards strengthening production in Nigeria.

Obi made his position known in a statement shared on his verified X account on Wednesday.

He praised Aliko Dangote, President of the Dangote Group, for his investments in Nigeria’s real sector and his contribution to industrial development across Africa.

According to Obi, the refinery reflects the need for Nigeria to shift from an economy driven largely by consumption to one focused on production and industrialisation.

He also urged Nigerian businesses to increase investment in productive sectors and create opportunities for citizens to participate in the growth of local companies through public share offerings.

Obi said Nigerians in the country and abroad had approached him for his views on whether they should invest in the Dangote Refinery IPO.

While encouraging them to consider investing, he said the refinery represented a significant achievement in the country’s real sector.

The Dangote Refinery is currently offering shares to the public as part of its planned listing on the Nigerian Exchange.