Dangote Promises Major Overhaul of Nigeria’s Oil Sector Following Tinubu’s Refinery Visit

Aliko Dangote, President of the Dangote Group, has announced plans for a sweeping transformation of Nigeria’s downstream oil sector, signaling a major policy and operational shakeup. Speaking after President Bola Tinubu’s tour of the $20 billion Dangote Petroleum Refinery in Lekki, Lagos, Dangote indicated that a significant restructuring is imminent. He emphasized that while fuel prices won’t necessarily drop, the changes will fundamentally reshape the landscape of the industry.

Dangote described the forthcoming announcement as a nationwide “shakedown,” promising that it would represent one of the most dramatic changes in Nigeria’s oil industry in years. He hinted that the visit by President Tinubu had further energized the group’s plans and that a larger vision is in the works. “Come back in five years, and the refinery will be just one part of a much bigger picture,” he remarked, suggesting broader industrial ambitions beyond oil refining.

Looking ahead, Dangote revealed that the refinery, along with other arms of the business, will be listed on the Nigerian Stock Exchange. The fertilizer division is expected to go public first, possibly by the end of the year. He also lauded President Tinubu’s economic reforms, which he said have made the environment more attractive for long-term industrial investment, especially under the administration’s “Nigeria First Policy.”

This policy, focused on encouraging local production and reducing import dependency, aligns closely with Dangote Group’s mission. The group aims to boost domestic self-sufficiency in critical sectors like energy, agriculture, and infrastructure. Dangote cited the growing import of U.S. crude oil for the refinery as part of a strategic transition, indicating a shift in how Nigeria sources and processes fuel.

Beyond the refinery, Dangote highlighted government-backed infrastructure efforts, including eight major road projects totaling ₦900 billion, with the Lekki-Epe corridor being a standout. These developments, supported by initiatives like the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme, reflect a broader national strategy to position Nigeria as a regional industrial powerhouse under the Renewed Hope Agenda.

Source: Business day