Aliko Dangote, President of the Dangote Group and founder of the $20 billion Dangote Petroleum Refinery in Lekki, Lagos, has hinted at an impending “major shakedown” in Nigeria’s downstream oil sector. Speaking to journalists during President Bola Tinubu’s recent visit to the refinery, Dangote emphasized that the development was not about price reductions but a complete overhaul of the sector.
Asked about the significance of the refinery for Nigerians, Dangote stated, “Now that the President has visited and energized us further, you will hear from us soon. This will be one of the major shakedowns in the entire country. It is not about price reduction; it is the total overhaul of the downstream sector.”
While refraining from disclosing specific details, Dangote noted that the refinery would embark on a “massive trajectory,” surpassing its current achievements. “I told the President that he hasn’t seen anything yet. If you return in the next five years, this refinery will seem like child’s play compared to what we’ll achieve,” he remarked.
The business magnate also announced plans to list the refinery on the stock exchange, starting with the fertiliser company later this year. He praised President Tinubu’s economic policies, particularly the “Nigeria First Policy,” which prioritizes local content and self-sufficiency, aligning closely with the Dangote Group’s vision of producing goods domestically to meet Nigeria’s needs.
Dangote highlighted how the group’s investments have transformed key sectors, citing examples such as cement, fertiliser, and now petroleum products. “Our investment in cement manufacturing made Nigeria self-sufficient, turning the country into a net exporter. Similarly, fertiliser production has achieved self-sufficiency, with surplus exports generating valuable foreign exchange,” he said. The refinery, he added, has already begun exporting refined petroleum products to countries like the United States and Saudi Arabia.
He expressed confidence that the refinery would eliminate fuel queues in Nigeria while boosting the economy and creating jobs. “We remain committed to contributing meaningfully to Nigeria’s economic transformation. We are proud to be the highest tax-paying company in Nigeria, having paid N450 billion in taxes last year,” Dangote stated. The group also pledged to invest N900 billion in road infrastructure across the country, including eight major road projects totaling 500 kilometers.
During the visit, President Tinubu commended Dangote for his belief in Nigeria and his bold investments, describing the refinery as “a remarkable achievement” and “a phenomenal project of our time.” He noted that the refinery and the adjoining Deep Sea Port, initiated during his tenure as Lagos State Governor, were critical milestones in reducing logistics costs and transforming Nigeria into a regional manufacturing hub.
Tinubu hailed Dangote as one of Nigeria’s “four wise men,” alongside Jim Ovia of Zenith Bank, Femi Otedola, and Samad Rabiu of BUA Group. “Among these wise men, I believe Aliko Dangote stands out for his daring vision, unwavering belief in Nigeria, and transformative impact on the economy,” the President said.
In a symbolic gesture, Dangote announced that the main road leading to the refinery would henceforth be named “Bola Ahmed Tinubu Road.” He reiterated the group’s commitment to supporting national development through strategic investments and collaboration with the government.
The Dangote Refinery, described as a cornerstone of Nigeria’s industrial growth, is expected to reinforce the administration’s Renewed Hope Agenda, aimed at fostering self-reliance and positioning Nigeria as a globally competitive economy.
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