Lagos, Nigeria – Nigerians should brace for sweeping changes in the oil industry, as business mogul Aliko Dangote has pledged a “major shakedown” in the downstream sector. This revelation came during an interview with journalists following President Bola Tinubu’s visit to the $20 billion Dangote Petroleum Refinery in Lekki, Lagos.
While Dangote remained tight-lipped on the exact nature of the planned shake-up, he clarified it would not involve a reduction in fuel prices but rather a complete overhaul of the downstream operations.
“Now that the President has visited and given us additional energy, you’ll hear from us soon,” Dangote said. “This will be one of the major shakedowns in the entire country. It’s not about price reduction it’s a total overhaul of the downstream.”
The industrialist further hinted that the refinery is about to enter what he called a “massive trajectory,” signaling intensified operations and expansion.
“I told the President that he hasn’t seen anything yet. If you come back in five years, this refinery will be on the back burner,” he stated.
Dangote also revealed plans to list the refinery and his fertiliser company on the stock exchange within the year, starting with the fertiliser business.
He praised President Tinubu’s economic reforms, crediting them with creating a more supportive environment for industrial growth and long-term investment. He specifically lauded the “Nigeria First Policy,” aimed at boosting local content and reducing reliance on foreign imports.
“This policy aligns perfectly with our vision to produce what we consume and make Nigeria self-sufficient,” Dangote said.
In addition, he applauded the government’s efforts in improving national infrastructure, particularly through the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme. He noted that under these schemes, eight major roads, including the Lekki-Epe corridor, had been awarded at a cumulative cost of ₦900 billion.
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