Business

Dangote’s Downstream Push Promises to “Shake Up” Oil Industry

Published

9 months ago

June 10, 2025

557 Views

The President of the Dangote Group and founder of the Dangote Petroleum Refinery, Aliko Dangote, 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 prioritising local content in investment decisions, business operations, and consumer behaviour.

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.

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JUST IN : Traders Resist Takeover of Lagos International Trade Fair Complex By LASG

The ASPAMDA Market within the complex—one of the largest spare parts markets in Lagos—was among the sections affected by the shutdown.

Published

11 hours ago

March 11, 2026

OCHEFA

37 Views

Commercial activities at the Lagos International Trade Fair Complex were disrupted on Wednesday as traders shut down the facility while protesting a proposed takeover of the market’s management by state and local government authorities.

The traders said they were concerned about the implications of the planned arrangement, including possible new levies and taxes that could affect their businesses.

Many traders insisted that the complex is a federal facility and called for further consultations before any changes to its management structure are implemented.

The development led to the closure of shops across the complex, leaving hundreds of traders gathered around parks and garages within the market premises as discussions continued.

The ASPAMDA Market within the complex—one of the largest spare parts markets in Lagos—was among the sections affected by the shutdown.

Eyewitnesses said traders began the protest early in the morning by locking up their shops and stalls to draw attention to their concerns over the proposed changes.

We are not against development, but we are concerned about the possible levies and taxes that may be introduced if the management structure changes,” a trader who identified himself as Emeka Onu said.

The Minister of Industry, Trade and Investment, Jumoke Oduwole, visited the market during the day as part of efforts to engage with traders and encourage the reopening of the complex.

Before commencing her tour of the market, the minister urged that the gates of the complex be opened to traders, stating that her visit was aimed at interacting with stakeholders and supporting the smooth conduct of business activities.

Business

Nigeria gears up to host Intra-African Trade Fair 2027

While Nigeria was taking over the baton from Algeria which hosted the highly successful fourth edition that recorded US$49.94 billion in trade and investment deals, the 2027, IATF2027 is targeting over US$50 billion in trade and investment deals, 100,000 visitors, 2,500 exhibitors, and participation from more than 100 countries.

Published

15 hours ago

March 11, 2026

OCHEFA

37 Views

• Chief Olusegun Obasanjo, IATF Chairperson

The Nigerian government has declared its readiness to host the fifth Intra-African Trade Fair 2027 (IATF2027), scheduled to take place from November 5 – 11 in Lagos.

The host agreement signing ceremony was held in Lagos, the designated ‘host city.

Dr. Jumoke Oduwole, Federal Minister of Industry, Trade and Investment, signed on behalf of Nigeria, while Dr. George Elombi, President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank)., Francisca Tatchoup Belobe, AU Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, and Cynthia E. Gnassingbé-Essonam, Director of Private Sector Engagement and Communications at AfCFTA Secretariat, who represented Wamkele Mene, Secretary General, AfCFTA Secretariat, signed for the IATF.

The Fair will be held under the theme “Global Africa, Smart Trade- From Market Access to Market Power”featuring diverse programme notably the trade exhibitions

In his opening remarks, Chief Olusegun Obasanjo, Chairperson of the IATF2027 Advisory Council and Former President of the Federal Republic of Nigeria, underscored the strategic importance of the Fair in shaping Africa’s economic sovereignty.

He said : “The signing of this host agreement marks a momentous milestone for Nigeria and for the continent. Bringing IATF2027 to Lagos is historically significant, as this city hosted the Lagos Plan of Action adopted in 1980, which championed Africa’s industrialisation and economic self-sufficiency. We have to work hard to keep moving towards the Africa we want. I am confident that IATF2027 will surpass all previous editions in both scope and impact as we advance our shared goal for a unified African marketplace under the AfCFTA.

Commenting on Nigeria’s expanding footprint in intra-African commerce, highlighted Nigeria’s rising contribution

Photo: L-R: Kanayo Awani, Executive Vice President, Intra-African Trade & Export Development, Afreximbank; H.E.Francisca Tatchouop Belobe Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, African Union Commission; Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, Chief Olusegun Obasanjo, Chair, IATF, Dr. Jumoke Oduwole, Minister for Industry, Trade, and Investment; Babajide Sanwo-Olu, Governor of Lagos State; Cynthia Gnassingbe, Director Partnerships and Private Sector AFCFTA; Lois Ekra, Deputy Chair, IATF and Joseph Ifebunandu, Head, Banking Legal Services, Afreximbank during the Intra-African Trade Fair 2027 (IATF2027) Host signing ceremony in Lagos, Nigeria, held March 9

Business

Bank of Industry and Sugar Council Unveil N10bn Fund for Greenfield Sugar Projects

The greenfield projects beneficiary are Illaj Sugar, Brent Foods, Crystal Sugar, Legacy Sugar, Saro Sugar, Awaa, Ganic and Confluence Sugar.

Published

2 days ago

March 9, 2026

OCHEFA

48 Views

Photo: Inside a sugar factory

The National Sugar Development Council (NSDC) and the Bank of Industry (BOI) have provided a N10 billion Sugar Project Acceleration Fund (SPAF) to support the development of greenfield sugar projects across the country and strengthen Nigeria’s sugar industry.

The greenfield projects beneficiary are Illaj Sugar, Brent Foods, Crystal Sugar, Legacy Sugar, Saro Sugar, Awaa, Ganic and Confluence Sugar.

In a statement the Executive Secretary and Chief Executive Officer of NSDC, Kamar Bakrin, said that the fund is designed to provide financing and project development support to viable greenfield projects in a bid to accelerate the emergence of a sustainable and competitive sugar industry.

Bakrin point out that access to capital alone does not guarantee sugar production, noting that many development finance institutions and investors already have significant funds available for agro-industrial projects.

““SPAF is NSDC’s structured pre-investment facility established to provide qualifying project promoters with the technical, financial and advisory support required to develop their projects to bankable standard.

It is not a grant programme but a facility designed to build a credible pipeline of investor-ready Nigerian sugar projects,” he added.

The Executive Director of Public Sector and Intervention Programmes at BOI, Hadiza Shuaib, said that the bank will serve as the fund manager for SPAF while NSDC will provide sector leadership and technical guidance.

“As Fund Manager, BOI will ensure that projects are properly structured, risks are effectively managed, and funds are deployed responsibly. We are also strong advocates for skills development, because financing alone is not sufficient to deliver sustainable outcomes,” she said.