Nigeria’s downstream oil industry is about to undergo a “shakeup,” according to Aliko Dangote, the president of the Dangote Group and the man behind the Dangote Petroleum Refinery.
Dangote said that a big announcement, which he called a massive “shakedown” nationwide, is on the horizon, following President Bola Tinubu’s recent tour to the $20 billion refinery located in Lekki.
He underlined that the program will focus on a full reform of the downstream business rather than lowering fuel prices.
“You can expect to hear from us very soon now that the President has visited and boosted our momentum,” Dangote told reporters. “It’s going to be one of the biggest changes in the country—a complete overhaul, not a price cut.”
When he told President Tinubu that what he had witnessed thus far was only the beginning, he was hinting at the scope of the plans.
He remarked, “The refinery will be only one aspect of a much larger picture when you return in five years.”
Additionally, Dangote stated that the refinery would eventually float on the stock exchange, with the fertilizer unit being the first to do so later this year.
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Noting that Tinubu’s economic reforms have improved the environment for long-term investment and industrial growth, he applauded them.
The “Nigeria First Policy,” which encourages domestic manufacturing and self-sufficiency and closely reflects Dangote Group’s objective of lessening Nigeria’s reliance on imports, was praised by him.
Dangote also emphasized the advances made by the federal government in the construction of infrastructure, pointing to projects funded by programs such as the Refurbishment Investment Tax Credit Scheme and the Nigerian Road Infrastructure construction Fund.
Eight important highways, including the Lekki-Epe corridor, have been put into service at a total cost of ₦900 billion, he said.
The refinery is one of several critical projects being carried out to support the Federal Government’s Renewed Hope Agenda, which aims to establish Nigeria as a major manufacturing powerhouse in the region, he emphasized.
