Nigeria’s downstream oil sector is on the cusp of a monumental transformation, as Aliko Dangote, President of Dangote Group and the visionary behind the colossal Dangote Petroleum Refinery, signals an imminent “shakeup.”
Following President Bola Tinubu’s recent visit to the landmark $20 billion Lekki-based facility, Dangote revealed that a significant announcement is forthcoming, one he described as a nationwide “shakedown” that will redefine the industry.
Dispelling notions of mere price reductions, Dangote clarified that the impending initiative signifies a complete and fundamental restructuring of Nigeria’s downstream petroleum 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.”
The African Richest man also subtly hinted at the unprecedented scale of his plans, confiding in President Tinubu during the tour that what he had witnessed was merely the genesis of a much grander vision.
“Come back in five years, and the refinery will be just one part of a much bigger picture,” he stated, underscoring the long-term, integrated scope of the Dangote Group’s ambitions.
Further demonstrating the conglomerate’s strategic forward momentum, Dangote confirmed that the refinery itself would eventually be listed on the stock exchange, with the fertilizer unit spearheading this move later this year.
Dangote lauded President Tinubu’s economic reforms, acknowledging their pivotal role in cultivating a more conducive environment for robust industrial development and sustained investment.
He particularly commended the administration’s “Nigeria First Policy,” which champions local production and self-sufficiency, a philosophy deeply interwoven with Dangote Group’s core mission of diminishing Nigeria’s reliance on imports.
Dangote also highlighted the federal government’s commendable strides in infrastructure development. He cited projects supported through vital initiatives such as the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.
He specifically noted the commissioning of eight crucial roads, including the vital Lekki-Epe corridor, representing a substantial investment of over ₦900 billion.
The Dangote Refinery, he underscored, stands as a cornerstone among several strategic projects meticulously designed to buttress the Federal Government’s “Renewed Hope Agenda,” ultimately aiming to cement Nigeria’s position as a preeminent manufacturing powerhouse within the region.
