Aliko Dangote announces expansion of the Dangote Petroleum Refinery from 650,000 to 1.4 million barrels per day at a press conference in Lagos.
President of Dangote Industries Limited, Aliko Dangote, has reaffirmed his commitment to strengthening Nigeria’s energy independence as he announced the expansion of the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd.
Speaking during a world news conference in Lagos, Dangote said the project is part of the company’s plan to tap into Africa’s rising demand for cleaner fuels, while ensuring higher representation of the Nigerian workforce in the refinery’s operations.
“This expansion reflects our confidence in Nigeria’s future, our belief in Africa’s potential, and our commitment to energy independence for our continent,” Dangote stated.
Cleaner Energy and Increased Local Jobs
According to Dangote, the refinery will transition from producing Euro V to Euro VI fuel standards meeting the highest global environmental benchmarks.
“Over 85% of our workforce will be Nigerians, and we’ll continue to invest in training, skills development, and technology transfer,” he said.
READ ALSO: https://newsscopeafrica.com/2025/10/26/breaking-dangote-to-list-refinery-on-nigerian-stock-exchange/
He added that the company will expand its power generation capacity to 1,000 megawatts, ensuring full operational self-sufficiency.
Economic Impact and NGX Listing Plans
Dangote projected that the expanded refinery could generate over $55 billion annually, positioning it among the most valuable industrial assets in Africa.
He also revealed plans to list a significant portion of the refinery’s shares on the Nigerian Exchange (NGX) within a year to encourage wider Nigerian participation.
“Our main listing will be in Nigeria to give Nigerians value,” Dangote said. “We want this refinery to be the golden stock of the Exchange, a true national asset.”
Project Timeline and Financing
The expansion, which will run over three years, will be financed through a mix of cash flow, public listing, and strategic investors. Upon completion, it will surpass India’s Jamnagar Refinery, making Nigeria the world’s largest refining hub.
The refinery will also boost polypropylene production from 900,000 metric tonnes to 2.4 million tonnes annually, enhancing the output of linear alkylbenzene, a key ingredient in detergent production, and increasing base oil production.
Energy Security and Policy Support
Dangote expressed gratitude to President Bola Ahmed Tinubu and the Federal Government for their supportive industrial policies such as Naira-for-Crude and Nigeria First, which he said have encouraged large-scale investments.
He praised the government’s intervention during recent union disputes, describing it as a reflection of effective public-private collaboration.
“We are not just refining oil; we are refining opportunities,” Dangote noted. “This expansion is a vote of confidence in Nigeria and in the reforms of President Tinubu’s administration.”
No Fuel Scarcity During Festive Season
As global oil prices rise, Dangote assured Nigerians there will be no fuel scarcity or price increase during the festive period.
“For the first time in many years, Nigerians can look forward to a Christmas and New Year free of fuel anxiety,” he said.
He also noted that Nigeria’s pump price remains one of the lowest in the region, despite producing cleaner, higher-quality fuel.
Africa’s Refining Future
Dangote emphasized that the refinery’s expansion will help reduce foreign exchange outflows, create thousands of jobs, and empower small and medium-scale enterprises (SMEs).
He urged other investors holding refinery licences to join in realizing President Tinubu’s vision of transforming Nigeria into Africa’s refining hub.
“This project is not just about capacity, it’s about confidence in our people, our government, and our continent,” Dangote concluded.
About the Author
