Aliko Dangote, President of the Dangote Group and founder of the Dangote Petroleum Refinery, has signaled a forthcoming “shakeup” in Nigeria’s downstream oil sector — a move he says will transform the industry on a national scale.
Speaking to journalists after President Bola Tinubu’s recent visit to the $20 billion refinery in Lekki, Dangote disclosed that a major announcement is imminent. However, he clarified that the anticipated reform will not involve reducing fuel prices but rather a comprehensive restructuring of the downstream oil sector.
“Now that the President has visited and given us a boost, expect to hear from us very soon,” he said. “What’s coming is not just about price — it’s going to be one of the biggest transformations in the country’s oil industry.”
Dangote suggested that the scale of his plans far exceeds current expectations. “What you see now is just the beginning. Come back in five years, and the refinery will be only a part of a much larger vision,” he told President Tinubu during the visit.
He also revealed that the refinery would eventually be listed on the Nigerian Stock Exchange, starting with the Group’s fertiliser unit later in 2025.
Commending President Tinubu’s economic policies, Dangote praised the government’s reforms for creating a more investment-friendly environment. He expressed strong support for the administration’s “Nigeria First Policy”, which encourages local production and self-reliance — principles that align with the Dangote Group’s mission to reduce Nigeria’s dependence on fuel and chemical imports.
Dangote also noted improvements in infrastructure under the current government. He cited key projects such as those supported by the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme, mentioning that eight major roads — including the crucial Lekki-Epe corridor — have been completed at a combined cost of ₦900 billion.
He described the refinery as part of a broader strategy to support the Federal Government’s Renewed Hope Agenda, which aims to reposition Nigeria as a leading manufacturing and industrial hub in Africa.
According to Dangote, this is just the beginning of a new era for Nigeria’s energy landscape.
