The President of the Dangote Group, Aliko Dangote, has hinted at an upcoming major “shakedown” across Nigeria.

Speaking to pressmen after President Bola Tinubu’s visit to the $20 billion refinery in Lekki, Lagos, Dangote clarified that the move is not aimed at reducing fuel prices, but rather at a complete transformation of the country’s downstream petroleum sector.

When asked about the “big thing” he had in store for Nigerians with the refinery, Aliko Dangote responded, “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 declined to reveal full details, noted that the company is set to embark on a “massive trajectory” with the refinery, signaling significant developments ahead.

“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 business mogul also reaffirmed plans to list the refinery on the stock exchange, beginning with the fertiliser company later this year.

He praised President Tinubu’s economic reforms, noting that the recent policy changes have created a more favourable environment for industrial growth and long-term investment.

Dangote praised President Tinubu’s ‘Nigeria First Policy’, which prioritises local content in investments, business activities, and consumer habits to reduce dependence on foreign goods and services.

He said the policy aligns with the Dangote Group’s mission to produce what Nigerians consume and to promote self-sufficiency in meeting the nation’s basic needs.

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.”

Dangote stated that eight major roads, including the Lekki-Epe corridor, had been awarded within the same cluster at a combined cost of N900 billion under these initiatives.

He noted the petroleum refinery as one of several key projects by the Dangote Group aligned with the Federal Government’s Renewed Hope Agenda, which aims to transform Nigeria into a regional manufacturing powerhouse.

“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.