Aliko Dangote, president of Dangote Group and founder of Dangote Refinery, has announced that Nigeria's downstream oil and gas sector will soon experience "major shakedowns" that will transform the industry.
The billionaire businessman made this revelation during an interview with journalists following President Bola Ahmed Tinubu's visit to his 650,000-barrel-per-day refinery in Lekki, Lagos State.
Dangote clarified that the upcoming changes would not focus on reducing petrol prices but would instead involve a comprehensive restructuring of the downstream sector. "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," he stated.
"It is not the reduction of price; it will be the total overhaul of the downstream," Dangote emphasized, though he did not provide specific details about what the proposed overhaul would entail.
Presidential Endorsement
During his visit, President Tinubu described the Dangote Refinery as a "massive investment and point of reference in Nigeria's path to industrialisation," highlighting the facility's significance to the nation's economic development.
BenriNews reports that the Dangote Refinery began rolling out premium motor spirit (PMS) in October last year, a development that has already contributed to a notable reduction in Nigeria's fuel imports.
As Africa's richest man, Dangote's announcements carry significant weight in Nigeria's business landscape, particularly in the oil sector where his refinery has become a game-changer for the country's energy independence aspirations.
Industry analysts are now eagerly awaiting details of the promised overhaul, which could potentially reshape Nigeria's downstream oil sector and impact the country's energy security and economic outlook.
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