Aliko Dangote, founder of Dangote Group, has announced plans to expand the Dangote Petroleum Refinery’s production capacity from 650,000 barrels per day (bpd) to 1.4 million bpd, positioning it to become the “largest in the world.”
Speaking at a press conference on Sunday, the billionaire industrialist said the expansion reflects his confidence in Africa and Nigeria.
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“This expansion reflects our belief in Africa. 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 three-year project, he noted, will leverage existing infrastructure to speed up construction.
“We know now where all the dead bodies are buried, and we will try and avoid all those areas,” he said.
“Also, we already have the infrastructure. So, it will take us a very short period of time. It is President Bola Tinubu’s dream for Nigeria to emerge as one of the major petroleum hubs in the world.”
Dangote highlighted that the expansion aims to meet African energy demand and reduce import dependence. Once completed, the refinery is expected to “save and generate billions in dollars and guarantee energy security.”
The project will create substantial employment opportunities.
“At least 65,000 workers will be required for the expansion project. Over 85 percent of workforce will be Nigerian, with ongoing investment in skills and transfer,” he said. “Our goal has been to find opportunities for our people.”
In addition, Dangote revealed plans for the refinery to be listed on the Nigerian Exchange Limited (NGX) in 2026, enabling Nigerians to purchase shares. “We want to give all Nigerians the opportunity to own a part of the refinery. They can buy as many shares as they need,” he said.
Financing for the expansion will come primarily from cash flow, supplemented by “one or two strategic investors,” Dangote added.
