Dangote Refinery Expansion Targets 1.4 Million Barrels Daily, Projects $55bn Annual Revenue
Dangote Industries Limited is expanding its refinery to 1.4 million barrels per day, driven by Nigeria’s new policy reforms and Africa’s rising demand for cleaner fuels. Aliko Dangote says the $20bn facility will strengthen energy security, create jobs, and generate $55bn yearly while listing on NGX to empower Nigerians.
Dangote: Why Our Refinery Expansion Targets 1.4 Million Barrels Daily
…Commends Tinubu’s reforms, eyes $55bn annual turnover
…Assures steady fuel supply during festive season
…Plans NGX listing to empower Nigerian investors
Africa’s richest industrialist and President of Dangote Industries Limited, Alhaji Aliko Dangote, has unveiled plans to expand the Dangote Petroleum Refinery from its current capacity of 650,000 barrels per day (bpd) to 1.4 million bpdwithin the next three years.
Speaking at a press briefing in Lagos, Dangote said the decision was driven by emerging opportunities across Africa, the continent’s growing appetite for cleaner energy, and Nigeria’s new policy direction which prioritises local refining and value addition.
“The expansion reflects our deep belief in Nigeria’s potential and Africa’s ability to take charge of its own energy destiny,” Dangote said. “President Bola Ahmed Tinubu’s vision for a self-reliant, industrial Nigeria aligns with our long-term strategy, and his reforms have created the right conditions for private sector growth.”
Dangote described the $20 billion facility as the world’s largest single-train refinery and noted that the ongoing expansion will place Nigeria ahead of India’s Jamnagar Refinery in capacity and sophistication. The move, he added, will establish Nigeria as a global refining hub and a catalyst for Africa’s energy independence.
He revealed that the expansion project will be financed through a mix of retained earnings, strategic partnerships, and a planned public listing on the Nigerian Exchange Group (NGX). “We intend to give Nigerians a direct stake in this national asset,” Dangote said. “Our goal is to make the Dangote Refinery the golden stock of the Exchange and a symbol of collective ownership.”
Beyond crude processing, the project will also expand the refinery’s polypropylene production from 900,000 metric tonnes to 2.4 million metric tonnes annually, enhancing local production of base oils and linear alkylbenzene, critical components in detergents and lubricants manufacturing.
“With this new phase, our operations will meet Euro VI fuel standards, representing the highest global environmental benchmarks,” he said. “We are also scaling our power generation capacity to 1,000 megawatts, ensuring total energy independence within our facility.”
Dangote highlighted that over 85 percent of the workforce will be Nigerian, with sustained investment in technical training and skills transfer to strengthen local capacity.
He projected that the expanded refinery could generate more than $55 billion in annual revenue, helping Nigeria save billions in foreign exchange previously spent on fuel imports while strengthening the naira through consistent local production.
“Our mission is not just to refine oil, but to refine opportunity,” Dangote stated. “Every litre produced here represents jobs, stability, and dignity for Nigerians.”
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He reaffirmed that the refinery remains financially strong, with consistent cash flow and investor confidence, even before full recovery of the first-phase investment.
“Refining is a long-term venture, not a short-term profit play,” he said. “We are building for generations to come. Without local refining, Nigeria would still be spending scarce dollars to import fuel.”
Dangote also expressed gratitude to President Tinubu and the Federal Government for policies like Nigeria First, Naira-for-Crude, and the One-Stop-Shop initiative, which have encouraged investors to pursue large-scale industrial projects.
He lauded both the Federal and Lagos State Governments for their continued support, and commended his host communities and partners for their collaboration and understanding.
On current fuel supply, Dangote assured Nigerians that there will be no scarcity or price hike during the upcoming festive season despite recent global crude price increases.
“In the past week, global oil prices rose by nearly eight percent,” he said. “Yet, Nigerians will not experience any disruption in supply. For the first time in many years, we can look forward to a Christmas and New Year without fuel queues.”
He emphasized that Nigeria’s petrol remains among the most affordable in the region, even though it now meets higher-quality environmental standards that curb toxic fuel dumping.
Dangote concluded by calling on other licence holders to begin active refinery development, stating that “when Africa builds its own capacity, it takes control of its future.”
“This expansion is more than an industrial project,” he said. “It is a statement of confidence in Nigeria, in our government’s reforms, and in Africa’s boundless promise.”
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