Aliko Dangote unveils plans to expand the $20bn Dangote Refinery from 650,000 to 1.4 million barrels per day, making it the world’s largest. He projects $55bn in annual revenue and confirms plans to list the refinery on the Nigerian Exchange
Dangote Refinery to Become World’s Largest with 1.4m bpd Capacity — Projects $55bn Annual Revenue, Plans NGX Listing
LAGOS, October 9, 2025 — Africa’s richest man and President of Dangote Industries Limited, Aliko Dangote, has announced that the Dangote Petroleum Refinery will expand its capacity from 650,000 barrels per day (bpd) to 1.4 million bpd, setting it on course to become the largest refinery in the world.
The expansion, estimated to take three years, will position Nigeria as a global refining hub and a net exporter of petroleum products, marking what Dangote called “a new era of energy independence for Africa.”
“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,” Dangote said at a media briefing in Lagos. “It is the dream of President Bola Ahmed Tinubu for Nigeria to emerge as one of the major suppliers of petroleum products globally — and with his strong backing through reforms, we are taking on the challenge to make this happen.”
The $20 billion refinery, already the largest single-train refining complex in the world, will outpace India’s Jamnagar Refinery upon completion. Dangote said the expansion will be financed through a mix of cash flow, strategic investors, and a planned public listing.
NGX Listing and Empowerment Drive
In a move aimed at broadening ownership and empowering Nigerians, Dangote revealed that a significant portion of the refinery’s shares will be listed on the Nigerian Exchange (NGX) within the next year.
“Our main listing will be here in Nigeria to give Nigerians value,” he stated. “We want the Dangote Refinery to be the golden stock of the Exchange. This is a national asset, and Nigerians should be the first to benefit from its success.”
He said the listing will promote transparency, local participation, and give everyday investors the opportunity to share in the refinery’s value creation.
Economic Impact and $55bn Annual Revenue Projection
Dangote estimated that the refinery could generate over $55 billion in annual revenue, making it one of the most valuable industrial assets in Africa.
He emphasized that the expansion would strengthen Nigeria’s energy security, reduce foreign exchange pressure, and save billions in fuel import costs, all while generating thousands of jobs and supporting small and medium enterprises (SMEs).
“This expansion will create additional jobs, support thousands of SMEs, and deepen our industrial base,” he said. “Our goal has never been just to refine oil, but to refine opportunities for our people.”
Cleaner Fuels, Local Workforce, and Sustainability
Dangote said the refinery’s upgrade will raise its standards from Euro V to Euro VI, ensuring cleaner, environmentally compliant fuels. The plant will also expand polypropylene production from 900,000 to 2.4 million metric tonnes per annum and boost power generation to 1,000 megawatts, ensuring full energy independence.
“More than 85% of our workforce will be Nigerian,” Dangote added. “We remain committed to safety, sustainability, and local participation at every stage of our operations.”
Tinubu’s Reforms and Government Support
Dangote attributed the confidence behind the expansion to the reform policies of President Bola Ahmed Tinubu, particularly the Nigeria First, Naira-for-Crude, and One-Stop Shop industrial initiatives.
“These policies have emboldened investors like us to take on transformative projects,” he noted. “This is a vote of confidence in Nigeria and in the President’s reforms.”
He also expressed gratitude to the Federal Government, Lagos State, and the Lekki host community for their consistent support, as well as to financial and technical partners who have “stood by the vision from day one.”
Assurance of Stable Fuel Supply
As Nigerians prepare for the festive season, Dangote assured that there will be no fuel scarcity or price hike, despite global price increases.
“In the last three days, we have witnessed an eight percent spike in global oil prices,” he said. “But I want to assure Nigerians that the Dangote Refinery is fully committed to maintaining uninterrupted petrol supply throughout the festive period. For the first time in many years, Nigerians can look forward to a Christmas and New Year free of fuel anxiety.”
He noted that Nigeria’s petrol price remains among the lowest in the region, with cleaner fuel standards now eliminating toxic imports.
“Nigerians today buy petrol at roughly half the price of what our neighbours pay — and it’s even cheaper than in Saudi Arabia,” Dangote said. “Our product meets Euro VI standards and has reduced toxic fuel dumping in the country.”
Africa’s Refining Future
Dangote called on other investors holding refinery licences to collaborate toward realizing President Tinubu’s vision of making Nigeria the refining capital of Africa.
“When Africa builds its own capacity, it builds its own destiny,” he concluded. “This expansion is not just about capacity — it’s about confidence: in our people, in our government, and in our continent.” Read More
