Dangote Hints at Major Overhaul in Nigeria’s Downstream Sector Following Tinubu’s Refinery Visit
Written by Olakunle Oke on June 10, 2025
Aliko Dangote, President of the Dangote Group and founder of the $20 billion Dangote Petroleum Refinery, has hinted at a significant transformation in Nigeria’s downstream oil sector. He described the upcoming move as a “major shakedown,” not related to fuel price cuts, but rather a complete restructuring of the sector.
Speaking after President Bola Tinubu’s recent tour of the refinery in Lekki, Lagos, Dangote said the President’s visit had reinvigorated the company, and a major announcement would be made soon. He said the refinery was set to enter a “massive trajectory” that would go far beyond its current operations.
“I told the President he hasn’t seen anything yet,” Dangote stated. “In five years, the refinery itself will seem secondary to what we’re planning.”
Dangote also revealed plans to list the refinery and the group’s fertiliser arm on the stock exchange, starting with the fertiliser company this year. He praised President Tinubu’s economic reforms, saying they had created a more favorable environment for industry and long-term investment.
He expressed support for the President’s “Nigeria First Policy,” aimed at reducing reliance on foreign goods by promoting local production and investment. This, he said, aligns with the Dangote Group’s mission of achieving national self-sufficiency and industrial development.
Dangote commended the government’s improvements in infrastructure, including projects under the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme. He noted that eight major road projects, such as the Lekki-Epe corridor, have been commissioned at a total cost of ₦900 billion.
He emphasized that the refinery is part of several strategic projects by the Dangote Group to support the government’s Renewed Hope Agenda, aimed at making Nigeria a manufacturing powerhouse in the region.
“Our goal is to produce locally what we’ve long imported, despite Nigeria’s rich natural resources,” Dangote said. He pointed out that his group’s ventures in cement and fertiliser have made Nigeria self-sufficient in both sectors and allowed for exportation. Now, refined petroleum products are also being exported to countries like the U.S. and Saudi Arabia.
He declared that fuel shortages and long queues would soon be a thing of the past and reaffirmed the company’s dedication to economic transformation. Dangote highlighted that the group remains the highest tax-paying business in the country, having paid ₦450 billion in taxes last year and pledging ₦900 billion toward road infrastructure development.
He also announced that the road leading to the refinery will be renamed “Bola Ahmed Tinubu Road” in honor of the President.
Among the group’s eight major road projects totaling 500 km, two in Borno State will connect Nigeria to Chad and Cameroon, including a key access road to the Deep Sea Port.
In response, President Tinubu lauded Dangote’s investments and called the refinery “a phenomenal project of our time” and a symbol of Nigeria’s industrial resurgence. He recalled initiating the Deep Sea Port project during his time as Governor of Lagos and praised its impact in reducing logistics costs.
Tinubu described Dangote as one of Nigeria’s “four wise men” in the economy, alongside Jim Ovia, Femi Otedola, and Samad Rabiu, praising him for his daring investments and steadfast belief in Nigeria.
