Dangote Poised to Disrupt Nigeria’s Oil Market with Bold New Moves

An imminent “shakeup” in Nigeria’s downstream oil industry has been alluded to by Aliko Dangote, the president of the Dangote Group and the man behind the Dangote Petroleum Refinery.

Dangote told reporters following President Bola Tinubu’s recent tour of the $20 billion refinery in Lekki that a big announcement, which he called a massive “shakedown” nationwide, is on the horizon.

He made it clear that the project will involve a full reform of the downstream sector rather than a reduction in fuel prices.

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Expect to hear from us very soon, Dangote told reporters, adding that the President’s visit had given us more momentum. It will be a complete revamp rather than a price reduction, making it one of the greatest improvements in the nation.
“What I have seen so far is just the beginning,” he told President Tinubu, hinting at the scope of the ambitions.

When you return in five years, the refinery will just be a small portion of a much larger image, he stated.
Later this year, Dangote also promised that the refinery would be listed on the stock exchange, with the fertilizer unit being the first to do so.

According to him, Tinubu’s economic reforms have improved the environment for long-term investment and industrial growth.

The Dangote Group’s objective of lessening Nigeria’s reliance on imports is closely aligned with the administration’s “Nigeria First Policy,” which encourages local manufacturing and self-sufficiency. He acknowledged this.
Dangote further emphasized the federal government’s infrastructure development accomplishments, pointing to projects funded by the Refurbishment Investment Tax Credit Scheme and the Nigerian Road Infrastructure Development Fund.

He stated that a total of ₦900 billion has been spent on the commissioning of eight important highways, including the Lekki-Epe route.

He emphasized that in order to promote the Federal Government’s Renewed Hope Agenda and establish Nigeria as a major manufacturing hub in the region, the refinery is one of several critical projects being carried out.