Aliko Dangote, President of Dangote Group and the driving force behind the Dangote Petroleum Refinery, has revealed plans for a sweeping transformation of Nigeria’s downstream oil sector.
Following President Bola Tinubu’s recent visit to the $20 billion Lekki refinery, Dangote hinted at a major announcement that he described as a “shakedown” poised to impact the industry nationwide.
Clarifying the direction of this upcoming initiative, Dangote stressed that the plan would not focus on reducing fuel prices but would instead involve a comprehensive restructuring of the downstream sector.
“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.”
During his discussions with President Tinubu, Dangote hinted at the broader vision behind the refinery project, suggesting that what the President witnessed during his tour represents only 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 plans to eventually list the refinery on the stock exchange, with the fertiliser unit slated for listing later this year.
He praised the Tinubu administration’s economic policies, highlighting that they have fostered an improved environment for industrial growth and sustained investments.
According to Dangote, the administration’s “Nigeria First Policy” aligns with his group’s commitment to promoting local production and reducing the country’s reliance on imports.
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Additionally, Dangote pointed to the government’s notable progress in infrastructure development. He cited projects supported by initiatives like the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.
Among the achievements, he mentioned that eight key roads, including the Lekki-Epe corridor, have been completed at a total investment of ₦900 billion.
He further underscored that the refinery is part of a suite of strategic projects designed to support the Federal Government’s Renewed Hope Agenda, with the ultimate aim of establishing Nigeria as a regional manufacturing powerhouse.
