Aliko Dangote, Africa’s richest man and president of the Dangote Group, has pledged a major transformation of Nigeria’s downstream oil sector, declaring that a “shakedown” is imminent and will go beyond mere fuel price reductions.
Speaking to journalists after President Bola Tinubu’s visit to the $20 billion Dangote Petroleum Refinery in Lekki, Lagos, Dangote hinted at a game-changing announcement set to redefine the industry.
“It is not the reduction of price; it will be the total overhaul of the downstream,” he said.
Though Dangote declined to reveal full details, he emphasized that the impact would be felt nationwide and hinted at aggressive expansion plans.
Dangote credited the Tinubu administration for economic reforms that have encouraged industrial development and created a more investment-friendly environment.
The refinery, with a 650,000 barrels-per-day capacity, is expected to significantly reduce Nigeria’s dependence on fuel imports, reshape regional supply chains, and potentially lower fuel costs long term.