Aliko Dangote has revealed plans for a sweeping transformation in Nigeria’s downstream oil sector. The billionaire businessman made the statement after President Bola Tinubu visited the $20 billion Dangote Petroleum Refinery in Lekki, Lagos.
Speaking to reporters, Dangote confirmed that the change would not involve slashing fuel prices. Instead, he promised a full-scale shake-up of how the sector operates.
“We’ll speak soon. You’ll hear from us,” he said. “This isn’t about reducing fuel prices. It’s a total overhaul of the downstream industry.”
Refinery Targets Rapid Growth
Dangote said the refinery would move into a fast-paced growth phase. He described the President’s visit as a boost to the company’s momentum.
“I told the President that what he’s seen is only the beginning,” he said. “In five years, today’s achievements will look small. We’re heading for a much larger trajectory.”
Public Listing to Begin with Fertiliser Arm
The industrialist also confirmed plans to list the refinery on the Nigerian Stock Exchange this year. He said the process would begin with the fertiliser division before extending to other units.
Dangote Backs Tinubu’s Economic Reforms
Dangote praised President Tinubu for pushing bold economic reforms. He said those policies had improved investor confidence and created a better business climate.
He also endorsed the administration’s “Nigeria First” strategy. According to him, the policy encourages local production and reduces the need for imports.
“Our vision has always been to produce what Nigerians consume,” he said. “The government’s direction supports that fully.”
Praise for Infrastructure Investment
Dangote acknowledged the government’s efforts to upgrade national infrastructure. He highlighted initiatives like the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.
He revealed that eight major roads had been approved under the schemes, including the Lekki-Epe corridor. The total cost stands at ₦900 billion.
“These projects help industry grow,” he said. “They make transport more efficient and cut costs for businesses like ours.”