Africa’s richest industrialist, Aliko Dangote, says his multibillion-dollar Lagos refinery will more than double its processing capacity from 650,000 barrels per day (bpd) to 1.4 million bpd — a scale that would make it the largest refinery in the world once completed.
Dangote made the announcement at a briefing in Lagos, calling the expansion “a statement of confidence in Nigeria and in Africa’s future.”
He praised President Bola Tinubu’s administration for what he described as decisive policy backing, especially the push to refine Nigeria’s crude locally and the naira-for-crude policy, which allows domestic refiners to access feedstock in local currency.
“The policy of ensuring domestic processing of all crude and exporting only finished petroleum products is a great policy,” Dangote said. “With this expansion, we are confident that Nigeria will soon become one of the leading suppliers of petroleum products in Africa and beyond.”
He also thanked the federal government and security agencies for intervening during recent labour-related disruptions and what he called sabotage attempts at the refinery. “They all made tremendous efforts under the direction of Mr. President,” he said.
Jobs, exports, and energy security
Dangote said the expansion — expected to be completed in three years — will generate over 65,000 jobs during construction, strengthen Nigeria’s fuel security, and stimulate local industries.
He added that the refinery will upgrade to Euro 6 fuel standards, which meet some of the world’s strictest emissions rules. “This upgrade will open access to major markets in Europe, the United States, and Latin America,” he said.
The project also includes an aggressive build-out of petrochemicals capacity. Polypropylene output is set to rise from 900,000 metric tons per year to 2.4 million metric tons. The refinery and petrochemical complex will also produce linear alkyl benzene (used in detergents) and base oil (used in lubricants), deepening Nigeria’s manufacturing base.
Power generation at the complex will be doubled from 500 megawatts to 1,000 megawatts, and Dangote said more than 85% of the workforce will be Nigerian.
“Our goal has never been just to refine oil,” he said. “It’s to create opportunities for our people through skills, financing, and partnerships.”
Public listing and Nigerian ownership
Dangote also revealed plans to list the Dangote Refinery and Petrochemical Complex on the Nigerian Exchange (NGX) within the next year, allowing Nigerian investors to buy shares.
“We want this refinery to belong to all Nigerians,” he said. “It’s time for everyone to be part of this journey.”
He suggested that the Nigerian National Petroleum Company Limited could take a larger stake in the future and urged other holders of refining licences to “support the President’s vision of making Nigeria the refining hub of Africa.”
“When Africa builds its own capacity, it builds its destiny”
Framing the project in continental terms, Dangote said the refinery’s expansion “is about building energy independence for our continent.”
“Our long-term goal remains clear,” he added. “When completed, Nigeria will be able to refine all its crude locally and export finished products to other countries.”
He closed by thanking the federal and Lagos State governments, host communities, financial partners, and the refinery workforce.
“This expansion is not just about increasing capacity,” he said. “It’s about confidence in our people, in the leadership of our country, and in the future of Africa.”
