Aliko Dangote, the President of the Dangote Group and founder of the Dangote Petroleum Refinery, has vowed to bring about a significant change to Nigeria’s oil sector.
In a recent interview, Dangote shared that a “major shakedown” in the country’s downstream sector would soon be announced, following the visit of President Bola Tinubu to the $20 billion refinery in Lekki, Lagos.
“This is not about reducing prices, but about completely overhauling the entire downstream sector,” Dangote stated.
He said that with the president’s visit and support, Nigerians will soon hear about the company’s plans.
“We are going on a massive trajectory. What you’ve seen so far is nothing compared to what’s coming in the next five years,” he added.
Dangote also revealed that the Dangote Refinery would be listed on the stock exchange, starting with its fertilizer company later this year.
The billionaire businessman praised President Tinubu’s economic policies, noting that they have created a better environment for business growth and investment.
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He particularly welcomed the “Nigeria First Policy,” which encourages local content and reduces reliance on foreign goods.
“The Dangote Group’s vision aligns with the government’s policy of producing what we consume,” Dangote explained.
He highlighted how their investments in cement and fertilizer manufacturing have made Nigeria self-sufficient and a net exporter of these products.
Dangote also pointed out that the refinery would contribute significantly to the Nigerian economy, eliminating fuel shortages and boosting industrial growth.
“The days of long fuel queues are over. We are confident that the Dangote refinery will help make Nigeria a globally competitive nation,” he declared.
The refinery project is part of Dangote’s broader goal to support the government’s Renewed Hope Agenda, which aims to make Nigeria a regional manufacturing hub. The company has also started exporting refined petroleum products to countries like the United States and Saudi Arabia.
In a gesture of gratitude, Dangote announced that the main road leading to the refinery will be renamed Bola Ahmed Tinubu Road, in honor of the president.
President Tinubu, in turn, praised Dangote for his bold investments, calling the refinery a “remarkable achievement” and a “phenomenal project of our time.”
He also acknowledged Dangote as one of the country’s economic leaders, alongside other notable businessmen like Jim Ovia, Femi Otedola, and Samad Rabiu.