Aliko Dangote, the billionaire businessman and owner of the Dangote Refinery, has said that Nigeria’s downstream oil sector is about to experience major changes.

He spoke to reporters shortly after President Bola Ahmed Tinubu visited the Dangote Refinery in Lekki, Lagos. The refinery has the capacity to process 650,000 barrels of oil per day, making it one of the largest in the world.

According to Dangote, the planned changes won’t focus on reducing fuel prices. Instead, the aim is to completely reform how the downstream oil sector operates.

He didn’t give specific details about what the overhaul would involve. However, he suggested that Nigerians should expect big announcements soon.

“Now that the President has visited and shown his support, we have more motivation to move forward,” Dangote said. “We will soon share what we’re planning, and it will bring major changes across the country.”

He added again that this effort is not just about cheaper fuel. It’s about improving the entire downstream system in Nigeria.

President Tinubu, during his visit, praised the Dangote Refinery. He described it as a huge project that will help boost Nigeria’s economy and support the country’s move toward industrial development.

It’s important to note that in October last year, the Dangote Refinery began supplying premium motor spirit (PMS). This helped to reduce Nigeria’s need to import fuel from other countries.