Africa’s richest man, Aliko Dangote, has unveiled plans to expand the Dangote Petroleum Refinery from 650,000 to 1.4 million barrels per day (bpd), a move that will make it the largest refinery in the world. The expansion, to be completed within three years, aims to strengthen Nigeria’s energy security, boost exports, and drive Africa’s industrial transformation.
Speaking at a media briefing in Lagos, Dangote said the $20 billion facility — already the world’s largest single-train refinery — would complete its expansion within three years. The move, he said, was driven by Africa’s rising demand for cleaner fuels, emerging regional opportunities, and supportive Nigerian government policies promoting local refining.
“This expansion reflects our confidence in Nigeria’s future and Africa’s potential to achieve energy independence,” Dangote stated. “It also aligns with President Bola Ahmed Tinubu’s vision for Nigeria to become a major global supplier of refined petroleum products.”
New capacity to surpass India’s Jamnagar refinery
The expansion will be financed through a combination of internal cash flow, public listing, and strategic investors. When completed, it will surpass India’s Jamnagar Refinery — currently the largest globally — establishing Nigeria as a major refining hub.
Dangote said the refinery’s polypropylene production will also rise from 900,000 to 2.4 million metric tonnes annually, alongside expanded production of linear alkylbenzene and base oils used in detergents and lubricants.
He noted that the refinery will move from Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks, and will increase its power generation capacity to 1,000 megawatts for full operational self-sufficiency. Over 85% of its workforce will be Nigerian.
$55 billion annual revenue projected
Dangote projected that the refinery’s annual revenue could exceed $55 billion, strengthening Nigeria’s energy security and saving billions of dollars previously spent on fuel imports.
He reaffirmed plans to list a significant portion of the refinery’s shares on the Nigerian Exchange (NGX) within a year, saying it will democratize ownership and allow Nigerians to share in its value creation.
“Our main listing will be in Nigeria because this is a national asset,” he said. “We want the Dangote Refinery to be the golden stock of the Exchange.”
Jobs, SMEs, and energy security gains
Dangote said the expansion would create thousands of direct and indirect jobs, support small and medium enterprises, and deepen Nigeria’s industrial base.
“Our goal has never been just to refine oil, but to refine opportunities for our people,” he added. “This expansion is a vote of confidence in Nigeria and in the reforms of President Tinubu’s administration.”
He praised government initiatives such as ‘Nigeria’s First’, ‘Naira-for-Crude’, and the ‘One-Stop Shop’ investment framework for creating an enabling environment for industrial growth.
Assurance of stable fuel supply
Despite recent global oil price spikes, Dangote assured Nigerians of steady fuel supply throughout the festive season.
“In the last three days, global oil prices have risen by eight percent, but I want to assure Nigerians that there will be no scarcity or price hike during the ember months,” he said. “For the first time in years, Nigerians can look forward to a Christmas and New Year free of fuel anxiety.”
He added that Nigeria’s petrol prices remain among the lowest in the region despite the refinery’s production of cleaner, higher-quality fuels.
“Nigerians today buy petrol at roughly half the price of our neighbours, and even cheaper than in Saudi Arabia,” Dangote noted.
A call for African energy self-reliance
Dangote commended the Federal and Lagos State Governments, the refinery’s host community in Lekki, and its technical partners for their support. He urged other investors with refinery licences to emulate the initiative, saying Africa must build its own refining capacity to secure its economic future.
“When Africa builds its own capacity, it builds its own destiny,” he concluded.
