The President of the Dangote Group and founder of the Dangote Petroleum Refinery, Aliko Dangote has hinted at a major transformation in Nigeria’s oil sector, promising that significant developments will be announced soon.
Speaking to journalists after President Bola Tinubu’s recent visit to the $20 billion refinery in Lekki, Lagos, Dangote said the upcoming changes would mark a complete overhaul of the downstream sector, rather than a simple reduction in fuel prices.
“Now that the President has visited and given us renewed energy, we will inform you soon. You’ll hear from us shortly. It will be one of the most significant shake-ups the country has seen,” Dangote stated. “This is not just about lowering prices, it’s about fundamentally restructuring the entire downstream industry.”
He further hinted that the refinery is set to enter a new phase of rapid growth. “I told the President that what he has seen is just the beginning. We’re embarking on a massive growth trajectory. In five years, the refinery will become just one part of a much larger picture,” he said.
Dangote also revealed plans to list the refinery on the stock exchange this year, starting with the fertiliser division.
Commending President Tinubu’s economic reforms, Dangote said the administration has created a more favorable environment for industrial development and long-term investment. He specifically praised the government’s “Nigeria First Policy,” which emphasizes support for local industries and aims to reduce reliance on imported goods.
“The policy perfectly aligns with our group’s mission to produce what Nigerians consume and promote self-sufficiency,” he noted.
Dangote also lauded federal initiatives such as the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme. Through these programs, eight key roads, including the Lekki-Epe corridor have been awarded for construction at a total cost of ₦900 billion.
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