Lagos — Nigerians should brace for sweeping changes in the oil and gas sector as Africa’s richest man, Aliko Dangote, has hinted at an impending “major shakedown” that will overhaul the downstream petroleum industry.
Dangote, who made the announcement after President Bola Tinubu’s visit to the $20 billion Dangote Petroleum Refinery in Lekki, Lagos, stopped short of giving full details but emphasized that the reform would be far-reaching and transformative.
“This is not about reducing fuel prices,” Dangote said. “It will be a total overhaul of the downstream sector.”
Although tight-lipped on specifics, the billionaire industrialist said the President’s visit had given his team renewed momentum to move into what he described as a “massive trajectory.”
“I told the President that he had not seen anything yet. If you come back in the next five years, the refinery will be on the back burner,” Dangote added, suggesting further expansion or new ventures on the horizon.
As part of the broader vision, he revealed plans to list the refinery on the Nigerian Stock Exchange within the year, starting with the group’s fertiliser company, as part of efforts to open up investment opportunities and deepen market participation.
Dangote also praised Tinubu’s administration for its economic reforms, which he said had significantly improved the investment climate in the country. He highlighted the government’s “Nigeria First Policy” as a key driver of local production and self-sufficiency.
“The policy supports our corporate vision — producing what Nigerians consume and reducing our dependence on imports,” he said.
Commending the federal government’s infrastructure investments, Dangote pointed to the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme, under which eight major road projects, including the Lekki-Epe corridor, have been awarded at a total cost of ₦900 billion.
With the refinery already seen as a game-changer in Nigeria’s quest for energy self-reliance, the forthcoming shakedown signals another bold step in transforming the country’s oil sector.
