Aliko Dangote, President of Dangote Group and founder of the $20 billion Dangote Petroleum Refinery, has announced plans for a sweeping transformation of Nigeria’s downstream oil sector, promising what he described as a “major shakedown” that goes beyond price reduction to a total overhaul.
‘You Haven’t Seen Anything Yet’
Speaking with journalists after President Bola Tinubu’s recent visit to the Lekki refinery, Dangote said, “Now that the President has visited and 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.”
He hinted at a “massive trajectory” for the company, telling President Tinubu that what is to come will make today’s refinery achievements seem minor in comparison. “If you come back in the next five years, the refinery will be on the back burner,” Dangote teased.
Commitment to Self-Sufficiency and Investment
Dangote reaffirmed that the refinery will be listed on the stock exchange, starting with the group’s fertilizer company this year. He praised President Tinubu’s economic policies and “Nigeria First” agenda, which prioritizes local production and self-reliance—principles that align with the Dangote Group’s corporate vision.
“Our objective is to produce domestically those goods that have historically been imported, despite our abundant natural resources,” he said, citing the group’s success in making Nigeria self-sufficient in cement and fertilizer production and its new role as an exporter of refined petroleum products.
Infrastructure and National Development
Dangote also commended improvements in national infrastructure, highlighting government initiatives like the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme. Under these programs, Dangote’s companies are investing N900 billion in major road projects, including the Deep Sea Port Access Road and new connections to Chad and Cameroon.
He emphasized the company’s ongoing commitment to Nigeria’s economic transformation, noting that Dangote Group remains the country’s highest tax-paying company and continues to invest heavily in infrastructure and industry.
Tinubu’s Endorsement
President Tinubu, who toured the refinery and deep-sea port, described the Dangote refinery as “a remarkable achievement” and a “major point of reference for Nigeria’s industrial and economic growth.” He lauded Dangote as “the wisest” among a new generation of Nigerian business leaders, alongside Jim Ovia, Femi Otedola, and Samad Rabiu.
“I want to thank Aliko Dangote. I am also pleased that the Deep Sea Port project, which I initiated during my tenure as Governor of Lagos State, has become a resounding success,” Tinubu said.
What to Expect Next
While Dangote did not reveal specific details about the upcoming overhaul, he assured Nigerians that the initiative would transform the downstream sector and end fuel scarcity for good.
Glide News will continue to track developments and provide updates as Dangote’s refinery and infrastructure projects reshape Nigeria’s economic future.
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