President of Dangote Industries Limited, Aliko Dangote, has unveiled an ambitious plan to expand the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd. He said the expansion is inspired by emerging market opportunities across Africa, rising demand for cleaner energy, and Nigeria’s evolving policy environment that now encourages domestic refining.
Speaking at a world press conference held in Lagos, Dangote explained that the $20 billion facility, already recognised as the largest single-train refinery on the planet, would more than double its capacity within the next three years. The project, he said, would transform the refinery into a global powerhouse in energy production and a key driver of Africa’s industrial rebirth.
“This expansion reflects our confidence in Nigeria’s future, our belief in Africa’s potential, and our commitment to building energy independence for our continent and the world,” Dangote said. “It also represents confidence in Nigeria, in Africa, and in our capacity to shape our own energy future. This aligns perfectly with President Bola Ahmed Tinubu’s vision for Nigeria to emerge as a major global supplier of petroleum products. With his unwavering policy support, we are taking on the challenge to make this a reality.”
Dangote noted that the refinery’s expansion mirrors the group’s belief in Africa’s capacity to achieve energy self-sufficiency and to transform from a raw crude exporter to a global refining hub.
According to him, the three-year expansion project will be financed through a combination of cash flow, strategic investors, and a planned public listing. Upon completion, the facility will overtake India’s Jamnagar Refinery, currently the world’s largest, firmly positioning Nigeria as a major refining centre on the global energy map.
He revealed that the refinery will also increase its polypropylene production capacity from 900,000 metric tonnes to 2.4 million metric tonnes per annum, alongside expanding the production of linear alkylbenzene, a critical ingredient for detergents, and base oils used in lubricants.
“With this expansion, the refinery transitions from producing Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks,” Dangote added. “We are also increasing our power generation capacity to 1,000 megawatts, ensuring complete operational self-sufficiency. Over 85 percent of our workforce will continue to be Nigerians, supported by sustained investments in skills development and technology transfer. Our commitment to safety, sustainability, and local participation remains unwavering through every stage of this project.”
Dangote stressed that the expansion would strengthen Nigeria’s energy security, cut foreign exchange losses, and save billions of dollars annually that are currently spent on fuel importation.
He projected that the refinery’s annual revenue could surpass $55 billion, making it one of Africa’s most valuable industrial enterprises.
The business mogul also reaffirmed plans to list a significant portion of the refinery’s shares on the Nigerian Exchange (NGX) within the next year. He described the move as part of efforts to democratise ownership and allow Nigerians to benefit from the refinery’s success.
“Our main listing will be here in Nigeria to give Nigerians value,” Dangote said. “We want the Dangote Refinery to become the golden stock of the Exchange. Listing abroad is secondary to us. We want this to be a national asset in every sense. This is a step toward broader ownership and transparency. We call on all Nigerians to seize this opportunity to benefit from this golden project. Our long-term goal is clear — to build Africa’s leading integrated energy and petrochemical hub, the first of its kind on the continent.”
He emphasised that the refinery’s solid cash flow, profitability prospects, and strategic importance would make it highly attractive to both domestic and global investors.
“This expansion will create thousands of new jobs, support small and medium-scale businesses, and deepen Nigeria’s industrial base,” he continued. “Our mission has never been merely to refine oil but to refine opportunities for our people. It is a vote of confidence in Nigeria, in President Bola Ahmed Tinubu’s reforms, and in the ability of Africans to build and manage world-class infrastructure.”
Dangote expressed deep appreciation to President Tinubu and the Federal Government for implementing supportive industrial policies such as Nigeria First, Naira-for-Crude, and the One-Stop Shop initiative. These, he said, have emboldened investors to embark on transformative ventures across the country.
He also commended the government for mediating recent disruptions at the refinery linked to union activities and acts of sabotage, describing the intervention as evidence of effective collaboration between the public and private sectors.
Despite not yet recovering the initial investment made in the first 650,000 bpd phase, Dangote maintained that the group’s focus remains on long-term transformation rather than immediate profits.
“Refining is a long-term project,” he said. “We are expanding because we believe in Africa. Without this refinery, Nigeria would still be buying dollars at unreasonable rates and depleting its reserves to import fuel.”
He noted that even with the refinery producing higher-quality fuels, Nigeria’s pump prices remain among the lowest in the region.
“Nigerians today buy petrol at roughly half the price paid in neighbouring countries, and even cheaper than in Saudi Arabia,” he observed. “Our fuel meets Euro VI standards, which has greatly reduced the dumping of toxic fuels into the Nigerian market.”
Dangote highlighted that the refinery has already stabilised domestic fuel supply, helped strengthen the naira, and prevented capital flight through reduced imports.
“As we approach the festive season, I want to assure Nigerians that there will be no fuel scarcity or price hike during the ember months, despite the recent global surge in crude oil prices,” he said. “In the last three days, we have seen an eight percent increase in global oil prices, yet the Dangote Refinery is fully committed to maintaining uninterrupted petrol supply throughout the period. For the first time in many years, Nigerians can look forward to celebrating Christmas and New Year without the anxiety of fuel shortages.”
The billionaire industrialist praised both the Federal and Lagos State Governments for their consistent support, as well as the host community in Lekki and the company’s financial and technical partners.
“This expansion is not just about increasing capacity; it is about reaffirming confidence, confidence in our people, our government, and our continent,” he declared. “Together, we are building a stronger Nigeria and redefining what is possible for Africa.”
Dangote also urged other investors holding refinery licences to follow suit and invest in refining capacity to support President Tinubu’s vision of transforming Nigeria into Africa’s refining hub.
“When Africa builds its own capacity, it builds its own destiny,” Dangote concluded.
