Nigerian business magnate Aliko Dangote has said Nigerians should expect a significant shakeup in the oil sector, one that will go beyond any talk of cheaper fuel. Speaking to journalists after President Bola Tinubu’s recent visit to the Dangote Refinery in Lekki, the industrialist made it clear that what’s coming is a complete overhaul of the downstream oil sector.
“Now that the President has visited and he has given us additional energy, we will inform you, you will hear from us soon, and that will be one of the major shakedowns in the entire country. It is not the reduction of price, it will be the total overhaul of the downstream,” Dangote said.
He didn’t offer details but made it clear the refinery is only the beginning of something much larger. “I told the President that he had not seen anything yet, 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 added.
Dangote also mentioned that the refinery would eventually be listed on the Nigerian Stock Exchange. According to him, the fertiliser company will be the first to go public later this year.
He praised Tinubu’s economic policies, saying they’ve helped create a better environment for businesses like his. He pointed to the administration’s “Nigeria First Policy” as a step in the right direction for encouraging local production and reducing dependence on imports.
Additionally, the billionaire businessman underscored the federal government’s strides in infrastructure development, an area he considers vital for the growth of large-scale industrial projects such as his refinery. Dangote cited the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme as key government initiatives supporting national development.
According to Dangote, “eight key roads, including the Lekki-Epe corridor, have been commissioned at a total cost of ₦900 billion.”
He said projects like the refinery are part of a broader push to support the Federal Government’s Renewed Hope Agenda, which aims to make Nigeria a regional hub for manufacturing and energy.
