Aliko Dangote, President of Dangote Group and founder of the Dangote Petroleum Refinery, has hinted at an impending “shakeup” in Nigeria’s downstream oil sector.
Speaking after President Bola Tinubu’s recent tour of the $20 billion Lekki-based refinery, Dangote revealed that a significant announcement is forthcoming, one that he described as a major “shakedown” across the country.
He clarified that the initiative won’t be about slashing fuel prices but rather a complete restructuring of the downstream segment.
“Now that the President has visited and boosted our momentum, expect to hear from us very soon,” Dangote told journalists. “It’s going to be one of the biggest changes in the country—not a price cut, but a full-scale overhaul.”
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He hinted at the scale of the plans by telling President Tinubu that what he had seen so far was just the beginning.
“Come back in five years, and the refinery will be just one part of a much bigger picture,” he said.
Dangote also confirmed that the refinery would eventually be listed on the stock exchange, starting with the fertiliser unit later this year.
He praised Tinubu’s economic reforms, noting that they have created a more favourable climate for industrial development and long-term investment.
He commended the administration’s “Nigeria First Policy,” which promotes local production and self-sufficiency, aligning closely with Dangote Group’s goal of reducing Nigeria’s dependence on imports.
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Additionally, Dangote highlighted the federal government’s progress in infrastructure development, citing projects supported through initiatives like the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.
He mentioned that eight key roads, including the Lekki-Epe corridor, have been commissioned at a total cost of ₦900 billion.
He emphasised that the refinery is one of several strategic projects being undertaken to support the Federal Government’s Renewed Hope Agenda, aimed at positioning Nigeria as a leading manufacturing hub in the region.
