- Dangote expands refinery to 1.4 million barrels per day
- Africa’s richest man seeks $5bn loan from Afreximbank
LAGOS, NIGERIA – Africa’s richest man, Aliko Dangote, plans to expand his $20 billion refinery from 650,000 to 1.4 million barrels per day within three years to meet rising regional demand and drive Africa’s industrial growth.
“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,” Dangote told reporters in Lagos on Sunday. “It also is about confidence in Nigeria, in Africa, and in our capacity to shape our own energy future.”
The Dangote Petroleum Refinery, which began operations in late 2024, is already the world’s largest single-train refinery. When completed, it will surpass India’s Jamnagar Refinery, positioning Nigeria as a major global refining hub.
Financing and Africa-wide ambitions
Dangote said the expansion project would be completed over the next three years and financed through a mix of cash flow, public listing, and strategic investors. He also revealed plans to list part of the refinery’s shares on the Nigerian Exchange next year.
“Our main listing will be here in Nigeria to give Nigerians value,” he said. “We want the Dangote Refinery to be the golden stock of the Exchange. Listing outside Nigeria is secondary to us.”
At the inauguration of Afreximbank’s new president in Cairo, Egypt, George Elombi disclosed that Dangote has requested $5 billion from the bank to support the expansion.
“Alhaji Dangote indicated to me this morning that he will be coming for an additional $5bn to expand the refinery,” Elombi said. “We have agreed to look for the money wherever it is, in Afreximbank, in your individual accounts. We believe it has to be done.”
Transforming Africa’s energy landscape
Since commencing operations, the refinery has received fuel orders from several African countries, reinforcing the need for greater capacity. Dangote said the expansion aims to make the refinery a global leader in cleaner energy production, upgrading its output to Euro VI fuel standards.
“With this expansion, the refinery transitions from producing Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks,” he said. “We will also expand our power generation capacity to 1,000 megawatts, ensuring complete operational self-sufficiency.”
The project will boost polypropylene production from 900,000 to 2.4 million metric tonnes annually, and increase output of base oils and linear alkylbenzene – key ingredients in detergents. Dangote said over 85% of the refinery’s workforce will be Nigerian, with continued investment in skills and technology transfer.
Dangote estimated that the refinery’s annual revenue could exceed $55 billion, making it one of Africa’s most valuable industrial assets. The expansion, he said, would help reduce Nigeria’s dependence on fuel imports and save billions of dollars in foreign exchange each year.
“This expansion is not just about capacity; it is about confidence — in our people, in our government, and in our continent,” he said. “When Africa builds its own capacity, it builds its own destiny.”
