Dangote Promises Major ‘Shakedown’ of Nigeria’s Oil Sector
Billionaire industrialist Aliko Dangote has teased a massive transformation coming to Nigeria’s downstream petroleum sector, describing it as a complete overhaul rather than simple price reductions.
Speaking to journalists following President Bola Tinubu’s recent visit to his $20 billion refinery in Lekki, Lagos, Dangote remained cryptic about the details but promised significant changes ahead. “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,” he declared.
The Dangote Group founder emphasized that this upcoming announcement goes beyond price cuts, stating it would involve “the total overhaul of the downstream.” He hinted at putting the refinery on a “massive trajectory” and suggested that visitors returning in five years would find the current facility relegated to the background.
During the presidential visit, Dangote revealed that despite paying N450 billion in taxes last year, his group is committed to spending N900 billion on road infrastructure across Nigeria. The Deep Sea Port Access Road is part of eight major road projects totaling 500 kilometers, including two in Borno State that will eventually link Nigeria to Chad and Cameroon.
President Tinubu praised Dangote’s unwavering belief in Nigeria, describing the refinery as “a remarkable achievement” and “a phenomenal project of our time.” The president also announced that the main road leading to the refinery would be renamed Bola Ahmed Tinubu Road.
The refinery has already begun exporting refined petroleum products to several countries, including the United States and Saudi Arabia, positioning Nigeria as a net exporter in the sector.
Source: Punch Nigeria
