Africa's richest man and President of Dangote Industries Limited, Aliko Dangote, has revealed plans to expand his 650,000 barrels per day (bpd) petroleum refinery in Lagos to 1.4 million bpd within three years. The expansion, supported by a proposed $5 billion credit facility from Afreximbank, is expected to make the Dangote Refinery the largest in the world and boost annual revenue to over $55 billion.
Speaking at a press conference in Lagos, Dangote said the expansion reflects strong confidence in Nigeria's economic prospects and Africa's industrial potential. He noted that the project would guarantee energy security for the region, create over 65,000 jobs during construction, and double polypropylene production from 900,000 to 2.4 million metric tonnes yearly.
Afreximbank President, George Elombi, explained that the expansion would help cut petroleum product prices across West Africa and strengthen regional economies.
Dangote disclosed that the refinery's power generation capacity will increase from 500 megawatts to 1,000 megawatts, ensuring energy stability for operations and nearby industries. He added that over 85 percent of the workforce would be Nigerian, underscoring the company's commitment to skills development and local participation.
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He also confirmed plans to list the refinery on the Nigerian Exchange (NGX) within the next year, allowing Nigerians and small investors to own shares in the multibillion-dollar facility.
Dangote emphasized that the refinery expansion aligns with President Bola Tinubu's goal of achieving energy independence and building a $1 trillion economy.
"This expansion is not just about refining oil but refining opportunities for our people," he said.
Industry observers say the expansion will boost Nigeria's foreign exchange reserves, reduce fuel import dependence, and open new opportunities for small businesses in logistics, engineering, and supply chain services supporting the refinery.
