Alhaji Aliko Dangote, President of the Dangote Group and founder of the Dangote Petroleum Refinery, has announced that a major shake-up in the country will take place shortly.
Dangote stated that the goal was not to reduce prices but rather to completely reorganise the downstream business. He revealed this in a conversation with journalists during President Bola Tinubu’s recent visit to the $20 billion refinery in Lekki, Lagos.
When urged to mention the ‘big thing’ he had in store for Nigerians with the refinery, Dangote replied, “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 shake-ups in the entire country. It is not the reduction of price; it will be the total overhaul of the downstream.”
Dangote, who refused to reveal his plans, noted that the company would go on a “massive trajectory” with the refinery.
“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 stated.
The industrialist also confirmed that the refinery would be listed on the public exchange, beginning with the fertiliser company this year.
He acknowledged the influence of President Tinubu’s economic initiatives, stating that recent changes had created a more favourable environment for industrial growth and long-term investments.
Dangote also praised President Tinubu’s ‘Nigeria First Policy’, which intended to lessen reliance on foreign goods and services by favouring local content in investment decisions, corporate operations, and consumer behaviour.
He stated that this approach was consistent with the Dangote Group’s corporate objective of producing what the nation consumes and promoting self-sufficiency to meet Nigerians’ basic requirements.
He acknowledged the government’s “significant improvements in national infrastructure through initiatives such as the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.”
He stated that under these programmes, eight key roads, including the Lekki-Epe corridor, have been granted within the same cluster at a total cost of ₦900 billion.
According to Dangote, the petroleum refinery was one of several strategic initiatives launched by the Dangote Group to promote the Federal Government’s Renewed Hope Agenda, which intended to reposition Nigeria as a regional manufacturing hub.
“Our objective is to produce domestically those goods that have historically been imported, despite our abundant natural resources. It is on record that our investment in cement manufacturing made Nigeria self-sufficient in that sector, ending cement importation and turning the country into a net exporter.
“We achieved the same in fertiliser production, as Nigeria is now self-sufficient and exports the surplus, thereby generating valuable foreign exchange. We have also commenced exportation of refined petroleum products to several countries, including the United States and Saudi Arabia, among others,” he added.
Dangote mentioned that the refinery offered extensive benefits to the Nigerian economy and its people, declaring that the days of long fuel queues were over in Nigeria.
“We remain steadfast in our commitment to contributing meaningfully to Nigeria’s economic transformation, supporting your administration’s efforts to build a self-reliant, globally competitive nation. We have remained Nigeria’s highest tax-paying company. With continued collaboration and shared resolve, we are confident that the journey ahead will usher in even greater opportunities for our people and our country.
“The Dangote refinery complex is, in many ways, your brainchild,” Dangote told the president. “Mr President, let me just say one thing — the main road leading into our refinery is now to be known as Bola Ahmed Tinubu Road,” Dangote disclosed.
He also claimed that, despite paying N450 billion in taxes last year, the business planned to spend N900 billion on road building in Nigeria.
He describes the Deep Sea Port Access Road as “one of eight major road projects totalling 500 kilometres, including two in Borno State, that will eventually link Nigeria to both Chad and Cameroon.”
Speaking, Tinubu praised Dangote for believing in Nigeria and making “bold investments that have become a cornerstone in the country’s economic transformation.”
Tinubu lauded the refinery as “a remarkable achievement”, “a phenomenal project of our time” and “a major point of reference for Nigeria’s industrial and economic growth.”
“Having inspected the Dangote Refinery, which is a great point of reference, a great phenomenon of our time, and a massive investment, I want to thank Aliko Dangote. I am also pleased that the Deep Sea Port project, which I initiated during my tenure as Governor of Lagos State, has become a resounding success. It has significantly reduced logistics costs by eliminating the need for trans-shipment,” Tinubu said.
He referred to Dangote as one of Nigeria’s ‘four wise men’, emphasising his investments and his dedication to the country.
“I landed here with four wise men. I will say wise men. Jim Ovia of reputable Zenith Bank, who has been acknowledged worldwide; Femi Otedola, my baby brother; Samad Rabiu of BUA; and I believe the wisest of them all, Alhaji Aliko Dangote, who is so daring in thinking, doing, and believing in his country,” he said.
