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The founder of the Dangote Petroleum Refinery and president of the Dangote Group, Aliko Dangote, has alluded to a potential “shakeup” in Nigeria’s downstream oil industry.
Following President Bola Tinubu’s recent trip of the $20 billion refinery in Lekki, Dangote said a big announcement that he called a “shakedown” throughout the nation is on the horizon.
He made it clear that the goal of the effort is to completely restructure the downstream sector rather than to drastically cut fuel prices.
Dangote informed reporters, “You can expect to hear from us very soon now that the President has visited and boosted our momentum.” “It will be one of the most significant changes in the nation—not a price reduction, but a complete overhaul.”
By informing President Tinubu that what he had witnessed thus far was only the start, he alluded to the scope of the intentions.
“The refinery will be only one component of a much larger picture when you return in five years,” he stated.
Additionally, Dangote stated that later this year, the fertilizer unit would be the first to debut on the stock exchange.
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He commended Tinubu’s economic reforms, pointing out that they have improved the environment for long-term investment and industrial growth.
He praised the government’s “Nigeria First Policy,” which encourages domestic manufacturing and self-sufficiency and is in line with Dangote Group’s objective of lessening Nigeria’s reliance on imports.
Dangote also emphasized the federal government’s advancements in infrastructure development, pointing to projects funded by the Refurbishment Investment Tax Credit Scheme and the Nigerian Road Infrastructure Development Fund.
At a total cost of ₦900 billion, he said, eight important highways, including the Lekki-Epe corridor, have been put into service.
In order to position Nigeria as a major manufacturing base in the region, he emphasized that the refinery is one of several important projects being carried out to support the Federal Government’s Renewed Hope Agenda.
