Aliko Dangote, founder of the Dangote Group, says his petroleum refinery will expand its processing capacity from 650,000 barrels per day (bpd) to 1.4 million bpd — a move that would make it the largest refinery in the world.
The billionaire industrialist announced the planned expansion at a press conference on Sunday, describing the project as a defining milestone for Africa’s industrial and energy future.
“This expansion reflects our belief in Africa,” Dangote said.
“It is also about confidence in Nigeria, in the leadership of President Bola Tinubu, in Africa, and in our capacity to shape our own energy future.”
Dangote said the expansion project, which will take three years to complete, will leverage lessons from the first phase of the refinery’s construction.
“We know now where all the dead bodies are buried, and we will try and avoid all those areas,” he said jokingly.
“Also, we already have the infrastructure, so it will take us a very short period of time.”
He said the project aligns with President Tinubu’s broader energy hub vision for Nigeria and aims to meet Africa’s growing petroleum needs while cutting dependence on imported fuel.
“It is President Bola Tinubu’s dream for Nigeria to emerge as one of the major petroleum hubs in the world,” Dangote added.
Energy security and economic impact
Dangote noted that the expansion is designed not only to meet Africa’s energy demand but also to “save and generate billions of dollars” for Nigeria, ensuring energy security and a sustainable petroleum future.
He revealed that at least 65,000 workers will be engaged during the expansion phase, with over 85 percent of the workforce being Nigerian.
“Our goal has always been to find opportunities for our people,” he said.
“We are investing heavily in skills development and technology transfer as part of this expansion.”
Refinery to list on Nigerian Exchange in 2026
The industrialist also announced that the Dangote Petroleum Refinery will be listed on the Nigerian Exchange Limited (NGX) in 2026, allowing Nigerians to own part of the company.
“We want to give all Nigerians the opportunity to own a part of the refinery,” Dangote said.
“They can buy as many shares as they need.”
He explained that the expansion will be financed primarily through cash flow, alongside contributions from one or two strategic investors.
The refinery, located in the Lekki Free Trade Zone in Lagos, began operations earlier this year and has been touted as a game changer for the continent’s oil and gas sector.
Dangote said the vision is to build legacy assets that “define generations and empower Africa’s industrial base.”
“This is not just about oil,” he said.
“It’s about transformation — creating jobs, deepening value chains, and positioning Africa as a serious global energy player.”
