President of the Dangote Group and founder of Dangote Petroleum Refinery, Aliko Dangote, has announced plans for a major overhaul of Nigeria’s downstream oil sector, hinting at a “significant shakedown” set to be unveiled soon. He made this revelation during an interview following President Bola Ahmed Tinubu’s visit to the $20 billion refinery in Lekki, Lagos.
When asked about upcoming developments from the refinery, Dangote stated, “Now that the President has visited and given us additional energy, you will hear from us soon. It will be one of the major shakedowns in the entire country. This is not about price reduction, it will be a total overhaul of the downstream sector.”
Although he refrained from disclosing specific details, Dangote said the company was preparing for a “massive trajectory” in its operations. “I told the President he had not seen anything yet. If you come back in five years, the refinery will be on the back burner,” he said.
Dangote reiterated his plan to list the refinery on the stock exchange, beginning with the fertiliser company later this year. He praised President Tinubu’s economic reforms, particularly the "Nigeria First Policy," which promotes local content and self-reliance in business operations and investment strategies.
He aligned the policy with the Dangote Group’s longstanding mission of boosting domestic production to reduce dependence on imports. “Our corporate vision is to produce what we consume in Nigeria. That’s how we’ve achieved self-sufficiency in cement and fertiliser. We now export fertiliser and have started exporting refined petroleum products to countries such as the United States and Saudi Arabia.”
Dangote also commended the Tinubu administration’s infrastructure initiatives, such as the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme. Under these, he revealed that eight major roads, including the Lekki-Epe corridor, were awarded at a combined cost of N900 billion.
Speaking on the wider economic benefits of the refinery, Dangote declared that the days of petrol scarcity in Nigeria were over. “We are committed to Nigeria’s economic transformation and to supporting the administration’s goal of a self-reliant, globally competitive nation. We remain the highest tax-paying company in Nigeria.”
He further disclosed that despite paying N450 billion in taxes last year, the Dangote Group is investing N900 billion in road infrastructure, including the Deep Sea Port Access Road and two major routes in Borno State linking Nigeria to Chad and Cameroon.
At the refinery site, President Tinubu lauded Dangote’s commitment to Nigeria’s development. “This is a remarkable achievement. The refinery is a phenomenal project of our time and a vital element of Nigeria’s industrial growth,” he said.
Tinubu, reflecting on his legacy as former Lagos State Governor, also praised the success of the Deep Sea Port project, which he initiated. “It has significantly cut logistics costs by eliminating the need for trans-shipment,” he noted.
In his remarks, Tinubu described Dangote as one of Nigeria’s “four wise men” in the economic space, alongside Jim Ovia of Zenith Bank, Femi Otedola, and Samad Rabiu of BUA Group. “But I believe the wisest of them all is Alhaji Aliko Dangote—bold in thought, action, and belief in Nigeria,” the President declared.
To honour Tinubu’s contributions, Dangote announced that the main access road to the refinery would henceforth be named “Bola Ahmed Tinubu Road.
ADEOLA KUNLE
