Dangote Announces Refinery Expansion to 1.4mn BPD, Plans NGX Listing
By Patience Ikpeme
Aliko Dangote, President of Dangote Industries Limited, has announced a major plan to expand the capacity of the **Dangote Petroleum Refinery** from its current 650,000 barrels per day (bpd) to **1.4 million bpd**. The decision is driven by emerging opportunities across Africa, growing regional demand for cleaner fuels, and Nigeria’s evolving policy environment.
Speaking at a media briefing in Lagos, Dangote said the expansion, which will take place over the next three years, will make the facility the largest single-train refinery in the world, surpassing India’s Jamnagar Refinery.
“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,” Dangote said. “It is the dream of President Bola Ahmed Tinubu, 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.”
He noted that the expansion confirms 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. The project will be financed through a mix of cash flow, a public listing, and strategic investors.
Dangote revealed that the expansion will involve significant technical upgrades, including a transition from the current Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks. The Group will also expand its power generation capacity to 1,000 megawatts, ensuring complete operational self-sufficiency.
Beyond fuel, 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.
He confirmed the commitment to local participation, stating: “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.”
The industrialist estimated that the refinery’s revenue could exceed $55 billion annually when fully expanded, making it one of Africa’s most valuable industrial assets.
Dangote confirmed plans to list a significant portion of the refinery’s shares on the Nigerian Exchange (NGX) within the next year, describing it as a move 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.”
He added that 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.
“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.
Addressing public concerns about fuel supply, Dangote assured Nigerians of uninterrupted petrol supply throughout the festive season, despite recent global price volatility.
“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. “For the first time in many years, Nigerians can look forward to a Christmas and New Year free of fuel anxiety.”
