Aliko Dangote, Africa’s richest man and president of the Dangote Group, has pledged a major transformation of Nigeria’s downstream oil sector, declaring that a “shakedown” is imminent and will go beyond mere fuel price reductions.
Speaking to journalists after President Bola Tinubu’s visit to the $20 billion Dangote Petroleum Refinery in Lekki, Lagos, Dangote hinted at a game-changing announcement set to redefine the industry.
“It is not the reduction of price; it will be the total overhaul of the downstream,” he said.
Though Dangote declined to reveal full details, he emphasized that the impact would be felt nationwide and hinted at aggressive expansion plans:
“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 also confirmed that the refinery would eventually be listed on the Nigerian Stock Exchange, with the fertiliser arm of the company expected to be listed within the year.
Dangote credited the Tinubu administration for economic reforms that have encouraged industrial development and created a more investment-friendly environment.
The refinery, with a 650,000 barrels-per-day capacity, is expected to significantly reduce Nigeria’s dependence on fuel imports, reshape regional supply chains, and potentially lower fuel costs long term.
