Aliko Dangote Signals Major Overhaul of Nigeria’s Downstream Oil Sector
Aliko Dangote, President of Dangote Group and founder of the Dangote Petroleum Refinery, has indicated that a major transformation is on the horizon for Nigeria’s downstream oil industry.
Following President Bola Tinubu’s recent visit to the $20 billion refinery located in Lekki, Lagos, Dangote told reporters that a significant announcement is imminent. He described the upcoming move as a nationwide “shakedown,” stressing that it won’t involve reducing fuel prices but will instead focus on a complete structural reform of the downstream sector.
“With the President’s visit giving us added momentum, you can expect major developments soon,” Dangote said. “We’re not talking about just a price change—this is a full-scale transformation.”
He also hinted that the current state of the refinery is only the beginning of a much broader plan. Telling President Tinubu, “Come back in five years and the refinery will be just one piece of a much larger vision.”
Dangote revealed that plans are underway to list the refinery on the stock exchange, starting with the fertiliser division later this year. He expressed strong support for Tinubu’s economic policies, crediting them with creating a more conducive environment for industrial growth and long-term investment.
He lauded the government’s “Nigeria First Policy,” which prioritises local production and economic self-reliance—core principles that align closely with Dangote Group’s objectives of reducing the nation’s reliance on imports.
Dangote also acknowledged the federal government’s progress in infrastructure development, referencing projects funded through the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme. Among them are eight major roads, including the Lekki-Epe corridor, with a combined investment of ₦900 billion.
He emphasised that the refinery is one of several key initiatives designed to support the Federal Government’s Renewed Hope Agenda, which aims to establish Nigeria as a leading manufacturing hub in West Africa
