Nigerians should be expecting significant changes in the oil sector as Aliko Dangote, the President of the Dangote Group and founder of the Dangote Petroleum Refinery, vowed to announce a ‘major shakedown’ soon.
According to Dangote, the shakedown is not about reducing fuel prices but a complete overhaul of the downstream sector.
The industrialist disclosed this in an interview with journalists following President Bola Tinubu’s visit to his $20bn refinery in Lekki, Lagos.
Asked to be specific about the ‘shakedown’ Nigerians should be expecting from his refinery, Dangote refused to let the cat out of the bag.
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.”
He added that the shake-up would prompt the refinery to go on a “massive trajectory.”
“I told the President that he had not seen anything yet, we are going on a massive trajectory, much more than what you have seen here. If you come back in the next five years, the refinery will be on the back burner,” Dangote said.
In addition, the businessman restated that his refinery would be listed on the stock exchange market this year, starting with the fertiliser company.
He, however, commended President Tinubu’s economic policies, saying his reforms had fostered a more conducive environment for industrial growth and long-term investment.
Dangote also appreciated Tinubu for his ‘Nigeria First Policy’, aimed at promoting patronage for local content and reducing dependence on foreign goods and services.
According to him, the policy aligns with the Dangote Group’s corporate vision of producing what Nigerians consume and fostering self-sufficiency to meet their basic needs.
Dangote also praised Tinubu’s administration for improving “national infrastructure through initiatives such as the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.”
Under these schemes, Dangote noted that eight major roads, including the Lekki-Epe corridor, had been awarded within the same cluster at a cumulative cost of N900bn.
