Aliko Dangote, the President of the Dangote Group and founder of the Dangote Petroleum Refinery, says there will be an announcement of what he calls a “major ‘shakedown’ in the entire country soon.”
Dangote said this was “not about price reduction,” but the “complete overhaul of the downstream sector.” He stated this in an interview with newsmen following the “recent visit of President Bola Tinubu to the $20bn refinery in Lekki, Lagos.”
Asked to mention the ‘big thing’ he had in store for Nigerians with the refinery, Dangote replied, “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, who refused to let the cat out of the bag, noted that the company would go on a “massive trajectory” with the refinery.
“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,” he stated
The businessman also restated that the refinery would be “listed on the stock exchange market,” starting with the “fertiliser company this year.”
He acknowledged the “impact of President Tinubu’s economic policies,” saying “recent reforms had fostered a more conducive environment for industrial growth and long-term investment.”
Dangote also expressed appreciation for President Tinubu’s ‘Nigeria First Policy’, which aimed to “reduce dependence on foreign goods and services” by “prioritizing local content in investment decisions, business operations, and consumer behavior.”
He remarked that this policy “aligned with the Dangote Group’s corporate vision” of “producing what the nation consumes” and “fostering self-sufficiency” to “meet the basic needs of Nigerians.”
He also commended the administration’s “significant improvements in national infrastructure through initiatives such as the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.”
He noted that under these schemes, “eight major roads” – including the “Lekki-Epe corridor” – had been “awarded within the same cluster at a cumulative cost of N900bn.”
According to Dangote, the “petroleum refinery” was one of several “strategic initiatives by the Dangote Group” in support of the “Federal Government’s Renewed Hope Agenda,” which sought to “reposition Nigeria as a regional manufacturing hub.”
“Our objective is to produce domestically those goods that have historically been imported, despite our abundant natural resources. 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,” he added.
Dangote noted that the refinery “offered extensive benefits to the Nigerian economy and its people,” declaring that the “days of long fuel queues were over in Nigeria.”
“We remain steadfast in our commitment to contributing meaningfully to Nigeria’s economic transformation, supporting your administration’s efforts to build a self-reliant, globally competitive nation. We have remained Nigeria’s highest tax-paying company. With continued collaboration and shared resolve, we are confident that the journey ahead will usher in even greater opportunities for our people and our country.
“The Dangote refinery complex is, in many ways, your brainchild,” Dangote told the President. “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,” Dangote disclosed.
He also revealed that, despite paying “N450bn in taxes last year,” the group was committed to spending “N900bn on road infrastructure across Nigeria.”
According to him, the Deep Sea Port Access Road is “one of eight major road projects totalling 500 kilometres, including two in Borno State that will eventually link Nigeria to both Chad and Cameroon.”
Speaking, Tinubu commended Dangote for his “belief in Nigeria” and for making “bold investments that have become a cornerstone in the country’s economic transformation.”
Tinubu described the refinery as “a remarkable achievement,” calling it “a phenomenal project of our time” and “a major point of reference for Nigeria’s industrial and economic growth.”
“Having inspected the Dangote Refinery, which is a great point of reference, a great phenomenon of our time, and a massive investment, I want to thank Aliko Dangote. I am also pleased that the Deep Sea Port project, which I initiated during my tenure as Governor of Lagos State, has become a resounding success. It has significantly reduced logistics costs by eliminating the need for trans-shipment,” Tinubu said.
He described Dangote as one of the ‘four wise men’ in Nigeria’s economic landscape, citing his “investments and steadfast commitment to the country.”
“I landed here with four wise men. I will say, wise men. Jim Ovia of reputable Zenith Bank, who has been acknowledged worldwide; Femi Otedola, my baby brother; Samad Rabiu of BUA; and I believe the wisest of them all, Alhaji Aliko Dangote, who is so daring in thinking, doing, and believing in his country,” he said.
POLITICS4 days ago
BIG STORY4 days ago
BIG STORY4 days ago
Uncategorized4 days ago
BIG STORY3 days ago
BIG STORY2 days ago
BUSINESS4 days ago
BIG STORY2 days ago