…Plans NGX listing to empower Nigerians
President of Dangote Industries Limited, Aliko Dangote, has explained that the decision to expand the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd is driven by emerging opportunities across Africa, growing regional demand for cleaner fuels, and Nigeria’s evolving policy environment that encourages local refining.
Speaking at a media briefing in Lagos, Dangote said the $20 billion facility, already the largest single-train refinery in the world will more than double its capacity within the next three years, making it a global leader in petroleum refining and a major driver of Africa’s industrial renaissance.
“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. It also is about confidence in Nigeria, in Africa, and in our capacity to shape our own energy future,” Dangote said. “It is the dream of President Bola Ahmed Tinubu GCFR, for Nigeria to emerge as one of the major suppliers of petroleum products in the world. And with his strong backing through his policies, we are taking on the challenge to make this happen”
According to him, the expansion reflects the group’s belief in Africa’s potential to achieve energy independence and transform its economy from being an exporter of raw crude to a hub for refined petroleum products.
Dangote revealed that the expansion project will be executed over the next three years and will be financed through a mix of cash flow, public listing, and strategic investors. When completed, the refinery will surpass India’s Jamnagar Refinery, currently the world’s largest, cementing Nigeria’s position as a global refining hub.
He said the refinery will also expand its polypropylene production capacity from 900,000 metric tonnes to 2.4 million metric tonnes per annum, further boosting the output of linear alkylbenzene, a key ingredient in detergent manufacturing, along with additional production of base oils.
“With this expansion, the refinery transitions from producing Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks,” he said. “We will also expand our power generation capacity to 1,000 megawatts, ensuring complete operational self-sufficiency. More than 85% of our workforce will be Nigerian, with continuous investment in skills development and technology transfer. Our commitment to safety, sustainability, and local participation remains unwavering throughout every phase of the expansion”
Highlighting the economic impact of the project, Dangote said the expansion will further strengthen Nigeria’s energy security, reduce foreign exchange outflows, and save the country billions of dollars annually that would otherwise go into importing refined products.
He estimated that the refinery’s revenue could exceed $55 billion annually, making it one of the most valuable industrial assets on the African continent.
Dangote reaffirmed plans to list a significant portion of the refinery’s shares on the Nigerian Exchange (NGX) within the next year, describing it as part of efforts to democratise ownership and allow Nigerians to share in the value creation.
“Our main listing will be here in Nigeria to give Nigerians value,” he said. “We want the Dangote Refinery to be the golden stock of the Exchange. Listing outside Nigeria is secondary to us. We want this to be a national asset in every sense. This is a step toward broader ownership and market transparency. Therefore we call on all Nigerians to seize this window, to benefit from this golden opportunity. Our long-term goal remains clear: to build Africa’s leading integrated energy and petrochemical hub the first of its kind on the continent”
He said the refinery’s strong cash flow, profitability prospects, and strategic positioning would make it attractive to both local and global investors.
“This expansion will create additional jobs, support thousands of SMEs, and deepen our industrial base. Our goal has never been just to refine oil, but to refine opportunities for our people” he said. “It is a vote of confidence in Nigeria, in the reforms of President Bola Ahmed Tinubu’s administration, and in the ability of Africans to build and manage world-class infrastructure.”
He expressed gratitude to President Tinubu and the Federal Government for supporting industrialisation policies such as Nigeria’s First, Naira-for-Crude, and the One-Stop Shop initiative, which he said have emboldened investors to take on transformative projects.
He also commended the government’s intervention in mediating recent disruptions at the refinery linked to union activity and sabotage attempts, calling it a demonstration of effective collaboration between the public and private sectors.
Despite not yet recouping the initial investment in the 650,000 bpd phase, Dangote said the group is focused on long-term transformation rather than short-term returns.
“Refining is a long-term project. We are expanding because we believe in Africa,” he said. “Without this refinery, Nigeria would still be buying dollars at ridiculous rates and depleting our reserves to import fuel.”
He emphasised that Nigeria’s pump price remains among the lowest in the region despite the refinery’s production of higher-quality, cleaner fuels that have reduced toxic dumping in the country.
Dangote emphasised that the refinery has already made a difference by stabilising local fuel supply, helping to strengthen the naira, and preventing capital flight.
“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. “Our product is of higher quality, meeting Euro VI standards, and it has significantly reduced the dumping of toxic fuel into our market.”
As Nigeria approaches the festive season, Dangote assured the public that there would be no fuel scarcity or price hike during the ember months, despite recent global price increases.
“In the last three days, we have witnessed an eight percent spike in global oil prices,” he said. “But I want to assure Nigerians that the Dangote Refinery is fully committed to maintaining uninterrupted supply of petrol throughout the festive period. For the first time in many years, Nigerians can look forward to a Christmas and New Year free of fuel anxiety.”
Dangote praised the Federal and Lagos State Governments for their continued support, along with the company’s host community in Lekki and its financial and technical partners.
“This expansion is not just about capacity; it is about confidence — in our people, in our government, and in our continent,” he said. “Together, we are building a stronger Nigeria and redefining what is possible for Africa.”
He called on other investors holding refinery licences to emulate the example, urging collaboration in achieving President Tinubu’s vision of making Nigeria the refining hub of Africa.
“When Africa builds its own capacity, it builds its own destiny,” Dangote concluded.
