Just In: Dangote Promises Major Overhaul to Transform Nigeria’s Downstream Oil Sector

 

President/Chief Executive of Dangote Group, Aliko Dangote

Firstsitenews-Aliko Dangote, President of the Dangote Group and founder of the $20 billion Dangote Petroleum Refinery, has hinted at a sweeping transformation in Nigeria’s downstream oil sector, describing it as a major “shakedown” that will soon be announced.

Speaking to journalists after President Bola Tinubu’s recent visit to the refinery in Lekki, Lagos, Dangote clarified that the forthcoming changes would go beyond fuel price reductions. Instead, he promised a comprehensive restructuring of the downstream oil industry.

“Now that the President has visited and given us renewed energy, we will make an announcement soon,” Dangote said. “It will be one of the most significant overhauls in the entire country. This isn’t about lowering prices it’s about transforming the entire downstream sector.”

Though he did not disclose specific details, Dangote hinted at a bold new direction for the company’s operations. “I told the President he hasn’t seen anything yet. We are moving on a massive trajectory. If you come back in five years, the refinery will be on the back burner,” he added, suggesting further expansion into other sectors.

He also reaffirmed plans to list the refinery and other subsidiaries on the Nigerian Stock Exchange, starting with the fertiliser company later this year.

Commending President Tinubu’s economic reforms, Dangote said they have created a more favourable environment for industrial expansion and long-term investment. He praised the administration’s “Nigeria First Policy,” which encourages self-reliance by prioritising local production and reducing dependence on imports.

“This policy aligns perfectly with our vision at Dangote Group—to produce what we consume and drive national self-sufficiency,” he said.

Dangote also lauded government efforts to improve infrastructure, citing the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme. According to him, eight major roads, including the Lekki-Epe corridor, have been awarded under these initiatives at a combined value of ₦900 billion.

He emphasised that the Dangote Refinery is just one of several strategic investments by the Group aimed at supporting the Federal Government’s Renewed Hope Agenda, which seeks to establish Nigeria as a key manufacturing hub in the region.