Tinubu Reaffirms Support for Dangote Refinery Expansion, Calls on Africa to Harness $120B Oil Market
President Bola Ahmed Tinubu backs the Dangote Refinery expansion from 650,000 to 1.4 million barrels per day, emphasizing Nigeria’s energy self-sufficiency and Africa’s $120 billion oil market potential. Insights shared at OTL Africa Downstream Conference in Lagos.
President Bola Ahmed Tinubu has reaffirmed his administration’s backing for the Dangote Refinery’s planned expansion, which aims to increase its capacity from 650,000 barrels per day to 1.4 million barrels per day. He described the project as transformative for Nigeria, West Africa, and the wider global energy market.
Represented by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, at the 19th OTL Africa Downstream Conference and Exhibition in Lagos, President Tinubu emphasized that the refinery’s growth would enhance Nigeria’s self-sufficiency in refined petroleum products while reinforcing energy supply across the continent.
The President assured that the Federal Government would fully support private sector initiatives that drive value addition and energy security, noting that such projects align with his administration’s vision for a competitive, deregulated downstream sector.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri and others at OTL 2025
- OTL 2025: Africa’s Downstream Energy Leaders Unite to Drive Market Innovation and Strategic Investment
- Federal Government Unveils New Roadmap to Accelerate Solid Minerals Development in Nigeria
- Celebrating The Birthday Of The King Of Debt Recovery In Nigeria 2024
- Rape In Nigeria Law: Penalties, Legal Complexities Explained
Minister Lokpobiri highlighted Africa’s vast market potential, stating that by 2024, the continent imported hydrocarbons worth over $120 billion. “This demonstrates Africa’s demand. Yet, limited financing and distribution networks mean much of this value leaves the continent. Nigeria aims to reclaim a significant share,” he said.
He described Africa, with over 1.5 billion people, as the next frontier for energy growth and encouraged nations to leverage local oil and gas resources to stimulate industrialization and economic development, rather than yielding to global pressure to abandon fossil fuels.
Referencing the International Energy Agency (IEA), Lokpobiri added that global investment in oil and gas must continue at approximately $540 billion annually until 2050 to prevent an energy shortfall, signaling a departure from earlier net-zero goals that aimed to eliminate hydrocarbons. “This is encouraging for Africa. Oil and gas will continue to supply more than half of global energy demand through 2050. Africa must position itself to benefit,” he said.
The Minister also praised the removal of fuel subsidies, noting that deregulation has created a conducive environment for private sector investment across the oil and gas value chain. Since deregulation, monthly revenue allocations among the three tiers of government have surged from roughly N500 billion to over N2.2 trillion, funds that can be channelled toward infrastructure and sustainable development.
Governor Babajide Sanwo-Olu, represented at the event by Lagos Commissioner for Energy and Mineral Resources, Biodun Ogunleye, lauded OTL Africa for nearly two decades of shaping downstream reforms and attracting investments continent-wide. He highlighted Lagos as a central hub for energy and logistics, calling the city a “true centre of innovation, enterprise, and strategic investment.”
Sanwo-Olu added, “Lagos fully embraces this vision. Through the Lagos State Electricity Policy and Energy Transition Plan, we are expanding access to clean energy, encouraging private sector participation, and establishing Lagos as a benchmark for subnational leadership in Africa’s energy transition.”
By Idongesit Frank-Okafor
Probitas Report Energy Desk Reporter
Share this story: Tinubu's Support For Dangote
Contact: report@probitasreport.com
Stay informed and ahead of the curve! Follow The Probitas Report on WhatsApp for real-time updates, breaking news, and exclusive content—especially on integrity in business and financial fraud reporting. Don’t miss any headlines—connect with us on social media @probitasreport and visit www.probitasreport.com
© 2025 Probitas Report – All Rights Reserved. Reproduction or redistribution requires explicit permission.
ADVERT
What's Your Reaction?
