The President of Dangote Group, Aliko Dangote, has said that Nigerians should expect a major development in the country’s oil sector, promising what he called a full transformation of the downstream segment. He said this shortly after President Bola Tinubu toured the $20 billion Dangote Petroleum Refinery in Lekki, Lagos.
Speaking to journalists after the presidential visit, Dangote said the big move he is planning goes beyond fuel price adjustments. He hinted at a complete restructuring of downstream operations in Nigeria. “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,” he said.
While keeping further details under wraps, Dangote noted that the refinery is only at the beginning of a larger plan. “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 said.
He also said that the company’s fertiliser division would be listed on the stock exchange this year, with the refinery to follow at a later stage. Dangote noted that the refinery was a central part of his group’s strategy to support Nigeria’s industrial development and reduce dependency on imported goods.
Speaking about recent economic reforms, Dangote said President Tinubu’s policies had created a more business-friendly environment. He also acknowledged the administration’s focus on local production, which he said matched Dangote Group’s goal of producing goods locally to meet national demand.
According to him, Nigeria has already become self-sufficient in cement and fertiliser production due to investments by the Dangote Group. The firm is also exporting refined petroleum products to countries such as the United States and Saudi Arabia.
“The days of long fuel queues are over,” Dangote said, noting the refinery’s capacity to meet the country’s fuel needs. He said the company remains committed to supporting Nigeria’s economic growth, pointing out that Dangote Group is the country’s largest taxpayer.
He also revealed the company spent N450 billion on taxes last year and is investing N900 billion in road infrastructure across Nigeria. Among the projects is the Deep Sea Port Access Road and several roads in Borno State, aimed at improving trade routes to Chad and Cameroon.
President Tinubu, during his visit, praised Dangote for his confidence in Nigeria and for creating jobs through large-scale industrial projects. He called the refinery a “phenomenal project of our time” and recognized it as a key asset in the country’s industrial progress.
Tinubu, reflecting on the economic contributions of leading businessmen, referred to Dangote as one of Nigeria’s “four wise men” and said, “I believe the wisest of them all, Alhaji Aliko Dangote, who is so daring in thinking, doing, and believing in his country.”
The main road leading into the refinery has now been renamed “Bola Ahmed Tinubu Road” in honour of the president.
