…projects $55bn annual revenue, plans NGX listing to empower Nigerians
President of Dangote Industries Limited, Aliko Dangote, has announced a massive expansion of the Dangote Petroleum Refinery, increasing capacity from 650,000 barrels per day (bpd) to 1.4 million bpd.
Speaking at a press briefing in Lagos, Dangote described the $20 billion single-train facility as already the largest of its kind globally, with the expansion expected to cement Nigeria’s position as a global refining hub within three years.
“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.
He credited President Bola Ahmed Tinubu’s reforms for creating a favourable policy environment, noting that the government’s initiatives such as Nigeria’s First, Naira-for-Crude, and One-Stop Shop have encouraged private investment in transformative projects.
The expansion will also increase the refinery’s polypropylene production from 900,000 metric tonnes to 2.4 million metric tonnes annually, boosting production of linear alkylbenzene and base oils. Power generation will double to 1,000 megawatts, ensuring operational self-sufficiency. Over 85% of the workforce will be Nigerian, supported by continuous skills development and technology transfer programs.
“With this expansion, the refinery transitions from Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks,” Dangote said.
The project is expected to generate tens of thousands of jobs, strengthen Nigeria’s energy security, reduce foreign exchange outflows, and potentially generate $55 billion in annual revenue. Dangote emphasised that long-term industrial transformation, rather than short-term returns, drives the expansion.
“Refining is a long-term project. Without this refinery, Nigeria would still be buying dollars at ridiculous rates and depleting our reserves to import fuel,” he said.
Dangote reaffirmed plans to list a significant portion of the refinery on the Nigerian Exchange (NGX) within the next year to democratise ownership and allow Nigerians to share in the value creation.
He assured Nigerians that, despite recent global oil price spikes, there will be no fuel scarcity or price hikes during the festive season, highlighting the refinery’s role in stabilising local fuel supply and reducing toxic fuel dumping.
“Nigerians today buy petrol at roughly half the price of what our neighbours pay, and it is even cheaper than in Saudi Arabia,” he noted.
