Nigerians should brace for significant developments in the oil sector, as Aliko Dangote, President of the Dangote Group and founder of the Dangote Petroleum Refinery, has promised a “major shakedown” soon.
The billionaire clarified that the planned move is not aimed at slashing fuel prices but rather a comprehensive transformation of the downstream sector.
He made the remarks during an interview with journalists after President Bola Tinubu’s visit to his $20 billion refinery in Lekki, Lagos.
When pressed for details on the nature of the “shakedown” to expect, Dangote remained tight-lipped, saying he wasn’t ready to “let the cat out of the bag.”
He said, “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 added that the shake-up would prompt the refinery to go on a “massive trajectory.”
“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,” Dangote said.
Additionally, Aliko Dangote reaffirmed that his refinery would be listed on the stock exchange later this year, beginning with the group’s fertiliser company.
He also praised President Bola Tinubu’s economic policies, stating that the reforms had created “a more conducive environment for industrial growth and long-term investment.”
Dangote commended the President for implementing the “Nigeria First Policy,” which he said promotes local content and reduces reliance on foreign goods and services.
According to him, the policy “perfectly aligns with the Dangote Group’s corporate vision” of ensuring Nigerians consume what is produced locally and advancing national self-sufficiency.
He further applauded the Tinubu administration for enhancing “national infrastructure through initiatives such as the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.”
Through these programmes, Dangote said, eight major roads—including the Lekki-Epe corridor—had been awarded within the same cluster at a combined cost of N900 billion.
