Aliko Dangote, President of Dangote Group, has announced plans for a major overhaul of Nigeria’s downstream oil sector following President Bola Tinubu’s recent inspection of the $20 billion Dangote Petroleum Refinery in Lekki, Lagos.
Speaking after the President’s visit, Dangote disclosed that a significant restructuring initiative will soon be unveiled, describing it as a full-scale transformation of the downstream segment rather than a reduction in fuel prices.
“Now that the President has visited and boosted our momentum, expect to hear from us very soon,” Dangote stated. “It’s going to be one of the biggest changes in the country—not a price cut, but a full-scale overhaul.”
The announcement comes amid ongoing reforms under the Tinubu administration to reposition Nigeria’s energy landscape and promote domestic refining. Dangote described the visit as a strategic boost to operations and affirmed that the refinery is only the beginning of broader industrial developments.
“Come back in five years, and the refinery will be just one part of a much bigger picture,” he told President Tinubu, hinting at the long-term scale of the Dangote Group’s industrial roadmap.
As part of the broader plan, Dangote confirmed that the refinery’s fertiliser unit will be listed on the Nigerian Exchange later this year.
He also reaffirmed the group’s commitment to floating the full refinery on the stock market in the near future.
The refinery, which has a nameplate capacity of 650,000 barrels per day, is designed to meet Nigeria’s domestic fuel demand and export refined products across Africa. Since commencing phased operations, it has been positioned as a strategic national asset to reduce reliance on imported petroleum products.
Dangote lauded President Tinubu’s economic policies, noting that recent reforms have created an enabling environment for industrial investment and long-term private sector participation.
He praised the Federal Government’s “Nigeria First Policy,” a framework aimed at boosting local production and enhancing economic self-reliance.
According to him, the policy is aligned with Dangote Group’s objective of reversing Nigeria’s historical dependence on imports.
“The administration has shown its commitment to prioritising local industries, and we are fully aligned with that direction,” he said.
He also acknowledged the Federal Government’s commitment to infrastructure development, citing ongoing projects backed by the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme. These projects, including eight key roads such as the Lekki-Epe corridor, have been delivered at a total cost of ₦900 billion.
The refinery forms a critical part of the government’s Renewed Hope Agenda, which aims to transform Nigeria into a regional manufacturing and export hub.
Dangote’s announcement signals a renewed focus on downstream reform in line with national industrialisation objectives, positioning the refinery as both an economic and strategic pillar of the country’s future energy security.
