The President of the Dangote Group and founder of the Dangote Petroleum Refinery, Aliko Dangote, has told Nigerians to expect a major announcement soon.

Without providing the specifics, Dangote noted that the news will shake up the entire oil industry and result in a complete overhaul of the downstream sector.

Dangote mentioned this while speaking to journalists after hosting President Bola Tinubu at the multi-billion-dollar refinery in Lekki, Lagos state.

He said: “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. It is not the reduction of price, it will be the total overhaul of the downstream.”

Dangote confirms listing before end of 2025

The Dangote group president confirmed that the refinery and the fertiliser company would be listed on the Nigerian Exchange (NGX) before the end of 2025, and this would mark the beginning of a massive growth trajectory.

He also expressed support for the President’s economic policies, especially the ‘Nigeria First policy’ which fosters industrial growth and long-term investments to reduce dependence on imported goods.

He said that this aligns with the Dangote Group’s vision to provide Nigerians with local alternatives to foreign goods, just like it had done with cement, fertiliser, and fuel.

He said: “It is on record that our investment in cement manufacturing made Nigeria self-sufficient in that sector, ending cement importation and turning the country into a net exporter.

“We achieved the same in fertiliser production, as Nigeria is now self-sufficient and exports the surplus, thereby generating valuable foreign exchange. We have also commenced exportation of refined petroleum products to several countries, including the United States and Saudi Arabia, among others.”

Dangote to spend N900 billion on infrastructural projects

According to the PUNCH news, Dangote also commended the recent improvements in Nigeria’s infrastructure through initiatives like the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.

He confirmed that the refinery would be spending N900 billion to improve over 500km of road infrastructure across Nigeria.

This, he explained, is in addition to paying N450 billion in taxes in 2024. He added that eight major roads have been awarded, including the Lekki-Epe corridor, the Deep Sea Port Access Road, and two others in Borno State that will link Nigeria to both Chad and Cameroon.

Dangote renames refinery road after Tinubu

The industrialist also renamed the road leading to the refinery after the President, saying:

“Mr. President, let me just say one thing — the main road leading into our refinery is now to be known as Bola Ahmed Tinubu Road.”