Nigerians may soon witness a significant transformation in the downstream oil sector as Africa’s richest man, Aliko Dangote, has hinted at a forthcoming “major shakedown” led by the Dangote Petroleum Refinery.
Speaking to journalists after President Bola Tinubu’s visit to the $20 billion Dangote Refinery in Lekki, Lagos, the President of the Dangote Group declined to offer specifics but promised that the changes would go beyond fuel price reductions.
“You will hear from us soon,” Dangote said. “That will be one of the major shakedowns in the entire country. It is not just about the reduction of price — it will be the total overhaul of the downstream sector.”
He described the visit by President Tinubu as energising and said the refinery is now poised to enter a bold new phase of operations.
“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,” Dangote added. “If you come back in the next five years, the refinery will be on the back burner — we are moving beyond this.”
Dangote also revealed plans to list his refinery and fertiliser businesses on the Nigerian Stock Exchange later this year, a move he described as part of a long-term growth strategy.
He praised President Tinubu’s economic reforms, saying they had created a more enabling environment for industrial expansion and investment. He singled out the government’s “Nigeria First Policy” as a critical driver of local production and self-reliance.
“President Tinubu’s Nigeria First Policy supports our corporate vision — producing what Nigerians consume. This alignment is vital for national self-sufficiency,” Dangote stated.
He also lauded the administration’s commitment to infrastructure development through the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.
According to him, under these initiatives, eight major roads within the Lekki-Epe industrial corridor have been awarded at a total cost of ₦900 billion, boosting connectivity and easing logistics for industrial operations.
The Dangote Refinery, with a production capacity of 650,000 barrels per day, is regarded as the largest single-train refinery in the world and a potential game-changer for Nigeria’s energy security and economic diversification.
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