Africa’s richest man, Aliko Dangote, has officially confirmed that the Dangote Petroleum Refinery has begun its expansion process to increase capacity from 650,000 barrels per day to 1.4 million barrels per day, making it the largest refinery in the world once completed.
Speaking at the refinery site in Lagos on Sunday, Dangote said the expansion would position Nigeria as a global hub for refined petroleum products, surpassing India’s Jamnagar Refinery. His confirmation comes days after ARISE News reported the company’s plans to scale up production and list part of the refinery on the Nigerian Stock Exchange.
Dangote expressed appreciation to President Bola Ahmed Tinubu and the Federal Government for supporting industrial policies such as the Nigeria’s First Policy, Naira-for-Crude Policy, and One-Stop Shop initiative, noting that these have strengthened confidence in Nigeria’s downstream sector.
“This expansion is about confidence in Nigeria, in Africa, and in our capacity to shape our own energy future,” Dangote said.
He stated that the project aligns with President Tinubu’s vision for Nigeria to become a major exporter of refined petroleum products, reduce import dependence, save foreign exchange, and enhance national energy security. About 65,000 workers are expected to be engaged during the construction phase.
The refinery’s polypropylene production will increase from 900,000 metric tonnes to 2.4 million metric tonnes per annum, with additional output of linear alkylbenzene, base oils, and petrochemical products. It will also upgrade from Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks, while power generation capacity is being expanded to ensure full self-sufficiency.
Dangote emphasized that over 85% of the refinery’s workforce will be Nigerian, reflecting the company’s commitment to local participation, skill development, and technology transfer.
Looking ahead, Dangote announced plans to list 10% of the refinery and petrochemical complex shares on the Nigerian Stock Exchange within the next year, opening investment opportunities to Nigerians and promoting transparency.
He assured Nigerians of steady petrol supply throughout the festive season, despite global oil price fluctuations. “For the first time in many years, Nigerians can look forward to a festive season free of fuel anxiety,” he said.
Dangote thanked President Tinubu, the Federal and Lagos State governments, financial partners, the Lekki host community, and the refinery workforce for their support, urging other refinery license holders to join in building Africa’s refining capacity.
“When Africa builds its own capacity, it builds its own destiny,” he declared.
