President of Dangote Group, Aliko Dangote, has announced plans for a sweeping transformation of Nigeria’s downstream petroleum sector, promising a development that will “shake” the entire country. Speaking shortly after President Bola Ahmed Tinubu’s visit to the $20 billion Dangote Petroleum Refinery in Lekki, Lagos, Dangote hinted at a forthcoming “shakedown” that would go beyond pricing to a complete industry overhaul.
“This is not just about reducing the cost of petrol. It will be a total overhaul of the downstream sector,” Dangote told reporters. “Now that the President has visited and has given us additional energy, you’ll hear from us soon.”
While withholding specific details, Dangote stated that the company was poised to embark on a “massive trajectory” that would further transform Nigeria’s energy and industrial landscape. “If you return in five years, the refinery will be on the back burner compared to what we’re planning,” he added.
The industrialist also confirmed that the refinery would be listed on the stock exchange, starting with Dangote Fertilizer later this year. He attributed recent progress to President Tinubu’s economic reforms and the administration’s “Nigeria First Policy,” which promotes local production and investment.
Dangote praised the government’s infrastructure policies, noting that the Dangote Group had committed over ₦900 billion to road construction under the Refurbishment Investment Tax Credit Scheme. Eight major roads, including the Lekki-Epe corridor and two linking Borno to Chad and Cameroon, are being developed as part of the initiative.
Highlighting achievements in self-sufficiency, Dangote said his company had ended Nigeria’s reliance on imported cement and fertilizer. “We’re now exporting refined petroleum products to the United States, Saudi Arabia, and beyond. The era of fuel queues in Nigeria is over,” he declared.
President Tinubu, during his visit, commended Dangote’s “bold investments” and described the refinery as “a phenomenal project of our time” and “a cornerstone of Nigeria’s economic growth.” He added that the Lekki Deep Sea Port, another Dangote-backed project, had drastically reduced logistics costs.
The President also announced that the main access road to the refinery would be renamed Bola Ahmed Tinubu Road, at Dangote’s suggestion. Praising the businessman, Tinubu said, “I came here with four wise men. But Aliko Dangote is the wisest of them all — daring in thinking, doing, and believing in Nigeria.”
With expectations mounting ahead of Dangote’s anticipated announcement, industry watchers believe the next phase of his industrial push could be transformative for Nigeria’s energy future.
