Dangote to expand refinery to become world’s largest, sets 3-year timeline to hit 1.4m bpd

Aliko Dangote, the founder of Dangote Group, says the Dangote Petroleum Refinery is expanding its production capacity from 650,000 barrels per day (bpd) to 1.4 million bpd.

The billionaire industrialist announced the proposed expansion at a press conference on Sunday.

Dangote said the expansion will make the refinery the “largest in the world,” surpassing other existing facilities.

“This expansion reflects our belief in Africa. It is also about confidence in Nigeria, in the leadership of President Bola Tinubu, in Africa, and in our capacity to shape our own energy future,” he said.

Dangote said the expansion process will take three years to complete.

“We know now where all the dead bodies are buried, and we will try and avoid all those areas,” he said.

“Also, we already have the infrastructure. So, it will take us a very short period of time.

“It is President Bola Tinubu’s dream for Nigeria to emerge as one of the major petroleum hubs in the world.”

Dangote said the proposed expansion is in a bid to meet African demands and reduce import dependence.

He added that when completed, the refinery would “save and generate billions in dollars and guarantee energy security”.

The industrialist said at least 65,000 workers will be required for the expansion project.

“Over 85 percent of workforce will be Nigerian, with ongoing investment in skills and transfer,” he added.

“Our goal has been to find opportunities for our people.”

Dangote said the refinery would be listed on the Nigerian Exchange Limited (NGX) in 2026, adding that all Nigerians will be able to purchase shares.

“We want to give all Nigerians the opportunity to own a part of the refinery. They can buy as many shares as they need,” he said.

Dangote added that the project will be financed through cash flow, “and we also have one or two strategic investors”.