Dangote flies kite of “major shakedown” coming in Nigeria’s oil sector, “a complete overhaul” expected to cut corruption and waste
By Jeph Ajobaju, Chief Copy Editor
Ali Dangote has spoken of plans for a major “shakedown” in Nigeria’s oil industry that will be announced soon – but it will not be about, and is bigger than, fuel pump price cuts frequently effected by the Dangote Refinery.
It will be a complete overhaul of the oil downstream sector, Dangote said during the recent visit of President Bola Tinubu to the $20 billion refinery in Lekki, Lagos.
“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 declared when asked about the “big thing” he has in store.
“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 disclosed plans to list the refinery on the stock exchange, starting with the fertiliser company this year.
He acknowledged the impact of Tinubu’s economic policies, saying reforms have fostered a more conducive environment for industrial growth and long-term investment.
He also:
- Expressed appreciation for Tinubu’s ‘Nigeria First Policy’ which seeks to reduce dependence on foreign goods and services by prioritising local content in investment decisions, business operations, and consumer behaviour.
- Said the policy aligns with the Dangote Group’s corporate vision of producing what Nigeria consumes and fostering self-sufficiency to meet the basic needs of citizens.
- Commended the Tinubu administration’s “significant improvements in national infrastructure through initiatives such as the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.”
- Noted that under these schemes, eight major road contracts – including the Lekki-Epe corridor – have been awarded in the same cluster at a total cost of N900 billion.
- Said the refinery is one of several strategic initiatives by the Dangote Group in support of Tinubu’s Renewed Hope Agenda seeking to reposition Nigeria as a regional manufacturing hub.
Dangote stressed that “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.
“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,” he told Tinubu. “Mr President, let me just say one thing – the main road leading into our refinery is now to be known as Bola Ahmed Tinubu Roa.,”
Dangote disclosed that, despite paying N450 billion in taxes last year, the Group is committed to spending N900 billion on road infrastructure across the country.
He said the Deep Sea Port Access Road is “one of eight major road projects totalling 500 kilometres, including two in Borno State, that will eventually link Nigeria to both Chad and Cameroon.”
Tinubu commended Dangote for his belief in Nigeria and for making “bold investments that have become a cornerstone in the country’s economic transformation.
“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 described Dangote as one of the “four wise men” in Nigeria’s economic landscape, citing his investments in and steadfast commitment 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.”
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