President of Dangote Industries Limited, Aliko Dangote, has explained that the decision to expand the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd.
According to him, it is driven by emerging opportunities across Africa, growing regional demand for cleaner fuels, and Nigeria’s evolving policy environment that encourages local refining.
Speaking at a media briefing in Lagos, Dangote said the $20 billion facility, already the largest single-train refinery in the world will more than double its capacity within the next three years, making it a global leader in petroleum refining and a major driver of Africa’s industrial renaissance.
“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.
“It also is about confidence in Nigeria, in Africa, and in our capacity to shape our own energy future,” Dangote said.
“It is the dream of President Bola Ahmed Tinubu GCFR, 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.”
According to him, the expansion reflects 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.
Dangote revealed that the expansion project will be executed over the next three years and will be financed through a mix of cash flow, public listing, and strategic investors.
When completed, the refinery will surpass India’s Jamnagar Refinery, currently the world’s largest, cementing Nigeria’s position as a global refining hub.