Aliko Dangote, Nigeria’s wealthiest man and founder of the Dangote Refinery, has announced plans for a significant transformation in the country’s downstream oil and gas industry. Speaking after a visit from President Bola Ahmed Tinubu to his state-of-the-art 650,000-barrel-per-day refinery in Lekki, Lagos, Dangote revealed that major reforms are on the horizon—but emphasised that these changes are not aimed at lowering fuel prices.

“The overhaul we’re planning is not about reducing petrol prices,” Dangote told journalists. “It’s about a comprehensive restructuring of Nigeria’s downstream sector. You will hear from us soon—stay tuned. This will be one of the most significant shakeups in the country’s oil and gas landscape.”

While Dangote declined to provide specific details about the upcoming overhaul, he assured that the government’s support and the president’s recent visit mark a pivotal step toward revitalising Nigeria’s oil industry.

President Tinubu, during his visit, described Dangote Refinery as a monumental investment—a symbol of Nigeria’s journey toward industrialisation. The refinery’s recent rollout of premium motor spirit in October last year has already begun to reduce Nigeria’s dependency on fuel imports, signalling a promising shift for the nation’s energy future.

Stay tuned as Nigeria’s energy sector prepares for what could be a game-changing transformation.