The Dangote refinery will be the world’s largest, with a daily capacity of 1.4 million barrels.

… praised Tinubu’s reforms and predicted annual revenue of $55 billion

… plans to list on the NGX to empower the Nigerian people

Dangote Industries Limited President Aliko Dangote said the decision to expand the Dangote oil refinery’s capacity from 650,000 barrels per day (bpd) to 1.4 million bpd was based on new opportunities across Africa, the region’s growing demand for cleaner fuels, and Nigeria’s evolving policy environment that encourages local refining.

At a press conference in Nigeria’s capital, Lagos stated that the $20 billion refinery, already the world’s largest single-train refinery, will more than double its capacity over the next three years, becoming a leading global oil refiner and a key driver of Africa’s industrial renaissance. Dangote “This expansion demonstrates our confidence in Nigeria’s future, our belief in Africa’s potential, and our commitment to energy independence for the continent and the world. It also reflects our confidence in Nigeria, Africa, and our ability to shape our own energy future,”

said. “Nigerian President Dangote Ahmed Tinubu GCFR’s dream is to become one of the world’s largest suppliers of petroleum products. With his strong policy support, we are taking on the challenge of turning that dream into reality.” Bola He said the expansion reflects the group’s confidence in Africa’s potential to achieve energy independence and transform its economy from a crude oil exporter to a refined products hub.

announced that the expansion project will be implemented over the next three years and will be funded through a combination of cash flow, a public offering, and strategic investors. Upon completion, the refinery will surpass India’s Jamnagar refinery, currently the world’s largest, and will consolidate Nigeria’s position as a global refining hub.

Dangote He said the refinery will also expand polypropylene production capacity from the current 900,000 tons to 2.4 million tons per year, further increase production of linear alkylbenzenes (a key ingredient in detergent production), and increase base oil production.

“Through this expansion, the refinery will transition from producing Euro V to Euro VI fuel, meeting the world’s most stringent environmental standards,” he said. We will also expand our power generation capacity to 1,000 megawatts, ensuring complete self-sufficiency. Over 85% of our workforce will be Nigerian, and we will continue to invest in skills development and technology transfer. Our commitment to safety, sustainability, and local participation remains unwavering at every stage of the expansion.

Highlighting the project’s economic impact, he said the expansion will further strengthen Nigeria’s energy security, reduce foreign exchange outflows, and save Nigeria billions of dollars annually in imported refined products. Dangote He estimated that the refinery’s annual revenue could exceed $55 billion, making it one of the most valuable industrial commodities on the African continent.

He reiterated plans to list a majority stake in the refinery on the Nigerian Exchange (NGX) next year, saying it was part of an effort to democratize ownership and allow Nigerians to share in value creation.

Dangote “We will list on the Nigerian primary stock exchange to create value for Nigerians,” he said. We want the refinery to become a golden stock on the stock exchange. For us, listing outside Nigeria is secondary. We want it to be a national asset in every sense of the word. It’s a step towards greater autonomy and market transparency. Therefore, we urge all Nigerians to seize this opportunity and make the most of this golden opportunity. Our long-term goal remains clear: to create 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, and strategic positioning will make it attractive to both local and global investors. Dangote “This expansion will create more jobs, support thousands of small and medium-sized enterprises, and strengthen our industrial base.” “Our goal is not just to refine oil, but to create more opportunities for our people,” he said. “This is a vote of confidence in Nigeria, in the reforms of President Ahmed Tinubu’s government, and in the ability of Africans to build and manage world-class infrastructure.”

He thanked President Tinubu and the federal government for their support for Nigeria’s industrialization initiatives, such as the Crude First Plan

and the One Stop Shop initiative, saying these have encouraged investors to undertake transformational projects. Bola He also praised the government’s intervention in mediating recent work stoppages at the refinery due to union activity and sabotage, saying it demonstrated effective collaboration between the public and private sectors.

Although the initial investment in the 650,000 barrels per day phase has yet to be recouped, Naira said the group is focused on long-term transformation rather than short-term gains.

“Refining is a ‘This 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 prices and depleting our reserves to import fuel.”

He stressed that despite the refinery producing higher quality, cleaner fuel and reducing toxic waste dumping in Nigeria, retail prices in Nigeria remain the lowest in the region. Dangote He emphasized that the refinery has played a significant role in stabilizing local fuel supplies, promoting the appreciation of the naira, and preventing capital flight.

“Nigerians now pay about half the price of gasoline in our neighboring countries, and even cheaper than in Saudi Arabia,” he noted. “Our products are of higher quality, meet Euro VI standards, and significantly reduce the flow of toxic fuels into our market.”

As the festive season in Nigeria approaches,

Dangote has assured the public that there will be no fuel shortages or price increases during the Christmas season despite the recent increase in global oil prices.

“Over the past three days, global oil prices have increased by 8 percent,” he said. “But I want to assure the Nigerian people that the

refinery will work flat out to maintain an uninterrupted supply of petrol throughout the festive period. For the first time in many years, Nigerians can welcome Christmas and the New Year without worrying about fuel.” Dangote He praised the continued support of the Federal and

State governments, as well as the support of the company’s host communities, Dangote and its financial and technical partners.

Dangote “This expansion is not just about capacity, it is about trust – trust in our people, in our government and in our continent,” he said. “Together, we will build a stronger Nigeria and redefine Africa’s future.” Lagos He called on other investors with refining licenses to follow suit and urged collaboration to realize President Tinubu’s vision of Nigeria as Africa’s refining hub. Lekki He concluded: “When Africa builds its own capacity, it builds its own destiny.”