Lagos, Nigeria – Aliko Dangote, President of the Dangote Group and founder of the recently commissioned Dangote Petroleum Refinery, has hinted at an imminent “major shakedown” in Nigeria’s downstream oil sector. Mr. Dangote clarified that this change would not merely involve price reductions but a complete overhaul of the industry.
His remarks followed a recent visit by President Bola Tinubu to the $20 billion refinery complex in Lekki, Lagos.
When pressed by journalists about the “big thing” he had in store for Nigerians with the refinery, Mr. Dangote responded: “Now that the President has visited and he has given us additional energy, we will inform you, you will hear from us soon, and that will be one of the major shakedowns in the entire country. It is not the reduction of price, it will be the total overhaul of the downstream.”
While declining to reveal specifics, Mr. Dangote indicated that the company would embark on a “massive trajectory” with the refinery. “I told the President that he had not seen anything yet, we are going on a massive trajectory, much more than what you have seen here. If you come back in the next five years, the refinery will be on the back burner,” he stated.
The prominent businessman also reiterated plans to list the refinery on the stock exchange, beginning with the fertiliser company this year.
Mr. Dangote acknowledged the positive impact of President Tinubu’s economic policies, noting that recent reforms have fostered a more conducive environment for industrial growth and long-term investment. He specifically praised the President’s “Nigeria First Policy,” which aims to reduce dependence on foreign goods and services by prioritising local content in investment and consumer behaviour. This policy, he said, aligns with the Dangote Group’s vision of domestic production and fostering self-sufficiency.
He also commended the administration’s “significant improvements in national infrastructure through initiatives such as the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.” Under these schemes, he noted that eight major roads, including the Lekki-Epe corridor, had been awarded within the same cluster at a cumulative cost of N900 billion (approximately $600 million USD).
According to Mr. Dangote, the petroleum refinery is one of several strategic initiatives by the Dangote Group supporting the Federal Government’s “Renewed Hope Agenda” to reposition Nigeria as a regional manufacturing hub. He highlighted the group’s past successes, stating: “Our investment in cement manufacturing made Nigeria self-sufficient in that sector, ending cement importation and turning the country into a net exporter. We achieved the same in fertiliser production, as Nigeria is now self-sufficient and exports the surplus, thereby generating valuable foreign exchange. We have also commenced exportation of refined petroleum products to several countries, including the United States and Saudi Arabia, among others.”
Mr. Dangote affirmed that the refinery offers extensive benefits to the Nigerian economy, declaring that “the days of long fuel queues were over in Nigeria.” He reaffirmed the group’s commitment to Nigeria’s economic transformation and its status as the nation’s highest tax-paying company. “With continued collaboration and shared resolve, we are confident that the journey ahead will usher in even greater opportunities for our people and our country,” he added.
Addressing President Tinubu directly, Mr. Dangote remarked: “The Dangote refinery complex is, in many ways, your brainchild.” He also disclosed that the main road leading to the refinery would now be named “Bola Ahmed Tinubu Road.” Despite paying N450 billion in taxes last year, Mr. Dangote noted that the group is committed to spending N900 billion on road infrastructure across Nigeria, including the Deep Sea Port Access Road and two major roads in Borno State that will eventually link Nigeria to Chad and Cameroon.
President Tinubu commended Mr. Dangote for his “belief in Nigeria” and for making “bold investments that have become a cornerstone in the country’s economic transformation.” Describing the refinery as “a remarkable achievement” and “a phenomenal project of our time,” Mr. Tinubu hailed it as “a major point of reference for Nigeria’s industrial and economic growth.”
The President also expressed pleasure that the Deep Sea Port project, which he initiated as Governor of Lagos State, had become a success, significantly reducing logistics costs. He described Aliko Dangote as one of Nigeria’s “four wise men” in the economic landscape, citing his investments and steadfast commitment to the country.
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