Aliko Dangote, President of the Dangote Group and founder of the Dangote Petroleum Refinery, has hinted at a forthcoming transformation in Nigeria’s downstream oil sector, describing it as a major “shakedown.”
Speaking to journalists after President Bola Tinubu’s recent visit to the $20 billion refinery in Lekki, Lagos, Dangote said the move would not focus on price cuts but a comprehensive overhaul of the industry.
“Now that the President has visited and given us additional energy, we will inform you. You’ll hear from us soon — and that will be one of the major shakedowns in the entire country,” he said. “It is not about reducing prices; it will be the total overhaul of the downstream sector.”
Though he declined to share full details, Dangote noted that the company was preparing to launch a “massive trajectory” of growth and operations.
“I told the President he hasn’t seen anything yet. If you return in five years, the refinery will be on the back burner — we’re going far beyond what you see today,” he added.
Dangote also reaffirmed plans to list the refinery on the Nigerian Stock Exchange, starting with its fertiliser business later this year.
He praised the Tinubu administration’s economic policies for fostering a more favourable investment climate, citing the “Nigeria First Policy” as a key driver of industrial growth and self-sufficiency.
“This policy aligns with our corporate vision — producing what we consume and reducing dependency on foreign goods and services,” he said.
Highlighting infrastructure support from the government, Dangote commended initiatives like the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme. He revealed that eight major road projects, including the Lekki-Epe corridor, had been approved at a total cost of N900 billion under these schemes.
According to him, the refinery is one of several strategic investments under the Dangote Group aimed at supporting the Federal Government’s Renewed Hope Agenda, which seeks to reposition Nigeria as a manufacturing hub.
“Our goal is to domestically produce goods that have historically been imported, despite our natural resource wealth. We’ve achieved this in cement and fertiliser — Nigeria is now self-sufficient and even exporting. We’ve also begun exporting refined petroleum products to countries like the U.S. and Saudi Arabia,” Dangote said.
He emphasized the broader economic benefits of the refinery, including putting an end to long queues at fuel stations. “We are steadfast in supporting Nigeria’s economic transformation. We remain the country’s highest tax-paying company, and we’re committed to furthering this progress.”
He also revealed that despite paying N450 billion in taxes last year, the Dangote Group would be investing N900 billion in road infrastructure across Nigeria. Projects include the Deep Sea Port Access Road and roads in Borno State that will eventually link Nigeria to Chad and Cameroon. In appreciation of the President’s support, Dangote announced that the main road leading into the refinery would be named after President Tinubu.
In response, President Tinubu lauded Dangote’s contributions to Nigeria’s economic development, describing the refinery as “a phenomenal project of our time” and “a major reference point for industrial and economic growth.”
“I commend Dangote’s bold investments. He believes in Nigeria and continues to invest in its future,” Tinubu said, calling him the “wisest” among Nigeria’s leading industrialists.
He concluded by praising the Deep Sea Port, a project initiated during his tenure as Lagos State Governor, noting its success in reducing logistics costs and supporting industrial efficiency.
