Dangote Petroleum Refinery is set for another major leap as it announced plans to double its refining capacity from 650,000 barrels per day (bpd) to 1.4 million bpd within the next three years a move projected to push its annual turnover beyond $55 billion.
Speaking at a world press conference in Lagos, President of Dangote Industries Limited and Chief Executive of Dangote Petroleum Refinery, Aliko Dangote, said the expansion aligns with President Bola Tinubu’s economic reforms and Africa’s growing energy needs.
He said the $20 billion refinery, already the world’s largest single-train facility, will soon surpass India’s Jamnagar Refinery, positioning Nigeria as a global hub for refined petroleum products.
Dangote revealed that the refinery’s polypropylene production will rise from 900,000 metric tonnes to 2.4 million metric tonnes per annum, while additional investments will boost the production of base oils and linear alkylbenzene, a key detergent component.
He said: “With this expansion, the refinery transitions from Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks. We will also increase our power generation capacity to 1,000 megawatts, ensuring complete self-sufficiency. Over 85 percent of our workforce will remain Nigerians, with continued investment in skill development and technology transfer.”
Dangote added that the expansion underscores the group’s confidence in Africa’s potential to achieve energy independence and industrial growth.
He estimated that when fully operational, the refinery’s revenue would exceed $55 billion annually, making it one of Africa’s most valuable industrial assets.
Listing and Investor Participation
The business mogul reaffirmed plans to list a significant portion of the refinery’s shares on the Nigerian Exchange (NGX) within the next year. He described this move as part of efforts to democratise ownership and give Nigerians the opportunity to share in the refinery’s success.
“Our main listing will be in Nigeria to give Nigerians value. We want the Dangote Refinery to be the golden stock of the Exchange. Listing outside Nigeria is secondary,” he said.
He explained that the expansion would be financed through cash flow, public listing, and strategic investors, noting that the refinery’s profitability and strong cash flow make it highly attractive to global investors.
Boosting Energy Security and Job Creation
Dangote highlighted that the project will enhance Nigeria’s energy security, cut foreign exchange outflows, and save billions of dollars annually that would otherwise be spent on fuel imports.
He added that the refinery’s expansion would generate thousands of new jobs, support small and medium-scale enterprises (SMEs), and strengthen the country’s industrial base.
“Our goal has never been just to refine oil but to refine opportunities for our people. This is a vote of confidence in Nigeria’s future and in President Tinubu’s reform agenda,” he said.
Addressing concerns about fuel availability during the festive period, Dangote assured Nigerians of a stable supply of petrol despite global price hikes.
He said: “In the last three days, we’ve seen an eight percent spike in global oil prices. But I want to assure Nigerians that there will be no fuel scarcity this Christmas or New Year. For the first time in many years, Nigerians can look forward to a festive season free of fuel anxiety.”
Dangote also thanked the Federal Government, Lagos State, and the refinery’s host community in Lekki for their support, calling on other investors to follow suit in expanding local refining capacity.
“When Africa builds its own capacity, it builds its own destiny,” he said.
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