Aliko Dangote, President of the Dangote Group and the founder of the Dangote Petroleum Refinery, has hinted at a “shakeup” in Nigeria’s downstream oil industry.
Speaking after President Bola Tinubu’s recent tour of the $20 billion refinery in Lekki, Dangote indicated that a substantial announcement is on the way, which he termed as a major “shakedown” across the country.
He underlined that the project will not involve lowering fuel prices, but rather a thorough reform of the downstream business.
“Now that the President has visited and boosted our momentum, you can expect to hear from us very soon,” Dangote told reporters. “It’s going to be one of the biggest changes in the country—not a price cut, but a full-scale overhaul.”
He hinted at the scope of the plans by informing President Tinubu that what he had seen thus far was only the beginning.
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“Come back in five years, and the refinery will be just one part of a much bigger picture,” he told reporters.
Dangote also announced that the refinery will eventually be listed on the stock exchange, beginning with the fertiliser unit later this year.
He commended Tinubu’s economic changes, saying they have improved the climate for industrial development and long-term investment.
He praised the administration’s “Nigeria First Policy,” which prioritizes local manufacturing and self-sufficiency. This aligns with Dangote Group’s goal of reducing Nigeria’s reliance on imports.
Dangote also lauded the federal government’s progress in infrastructure development, mentioning projects funded by schemes such as the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.
He added that eight critical highways, including the Lekki-Epe corridor, have been commissioned for a total cost of ₦900 billion.
He emphasized that the refinery is one of several critical projects underway to support the Federal Government’s Renewed Hope Agenda, which aims to establish Nigeria as a leading manufacturing powerhouse in the region.
