Expect major changes soon – Dangote teases overhaul in oil sector
By Jeffrey Agbo
Nigerians may soon witness a major transformation in the country’s oil industry, as Aliko Dangote, President of the Dangote Group and founder of the $20 billion Dangote Petroleum Refinery, has hinted at an impending shake-up.
Speaking to journalists after President Bola Tinubu’s visit to the Lekki-based refinery, Dangote stated that the upcoming changes will go beyond fuel price adjustments. Instead, he described it as a comprehensive overhaul of the downstream sector.
When pressed for details, the industrialist remained tight-lipped, choosing not to disclose specifics.
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.
In addition, the businessman restated that his refinery would be listed on the stock exchange market this year, starting with the fertiliser company.
He, however, commended President Tinubu’s economic policies, saying his reforms had fostered a more conducive environment for industrial growth and long-term investment.
Dangote also appreciated Tinubu for his ‘Nigeria First Policy’, aimed at promoting patronage for local content and reducing dependence on foreign goods and services.
According to him, the policy aligns with the Dangote Group’s corporate vision of producing what Nigerians consume and fostering self-sufficiency to meet their basic needs.
Dangote also praised Tinubu’s administration for improving “national infrastructure through initiatives such as the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.”
Under these schemes, Dangote noted that eight major roads, including the Lekki-Epe corridor, had been awarded within the same cluster at a cumulative cost of N900bn.
