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Africa’s richest man and President of Dangote Industries Limited, Aliko Dangote, has announced plans to expand the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd, a move that will make it the largest refinery in the world.
Speaking at a media briefing in Lagos, Dangote said the $20 billion facility’s expansion reflects confidence in Nigeria’s economic reforms under President Bola Ahmed Tinubu and growing opportunities in Africa’s energy market.
“This expansion reflects our belief in Africa’s potential and our commitment to energy independence for our continent,” Dangote said, adding that with President Tinubu’s strong backing, Nigeria will emerge as a major global supplier of petroleum products.
The expansion, to be completed within three years, will be financed through a mix of internal cash flow, strategic investors, and a public listing on the Nigerian Exchange (NGX). Dangote said the listing aims to democratise ownership and allow Nigerians to share in the refinery’s long-term value.
“Our main listing will be in Nigeria. We want the Dangote Refinery to be the golden stock of the Exchange. This is a national asset – a symbol of confidence in our people and government,” he remarked.
Upon completion, the facility will surpass India’s Jamnagar Refinery, currently the largest globally, while strengthening Nigeria’s position as an energy and petrochemical hub.
The refinery will also expand its polypropylene production from 900,000 to 2.4 million metric tonnes annually and increase base oils and linear alkylbenzene output used in detergents and other consumer products.
Dangote said the upgraded plant will produce Euro VI-standard fuels, meeting the world’s highest environmental benchmarks, and increase power generation capacity to 1,000 megawatts for self-sufficiency.
Over 85 percent of the workforce, he added, will be Nigerian, supported by sustained investments in training, technology transfer, and safety.
Dangote projected that annual revenue from the refinery could exceed $55 billion, making it one of Africa’s most valuable industrial assets. He said the facility has already stabilised Nigeria’s fuel supply, reduced toxic imports, strengthened the naira, and saved billions in foreign exchange outflows.
“Without this refinery, Nigeria would still be buying dollars at ridiculous rates to import fuel. Today, Nigerians buy petrol at nearly half the price of what our neighbours pay, even cheaper than Saudi Arabia’s.”
He commended President Tinubu and the Federal Government for investor-friendly policies such as Nigeria’s First, Naira-for-Crude, and the One-Stop Shop Initiative, describing them as catalysts for industrial growth. He also praised the government’s intervention in resolving recent disruptions linked to union activities and sabotage attempts.
Dangote assured Nigerians of steady fuel supply throughout the festive season despite recent global price increases.
“For the first time in years, Nigerians can look forward to a Christmas and New Year free of fuel scarcity,” he said.
