Key Points

• Dangote plans to double refinery output within three years.

• The expansion will create jobs and reduce fuel imports.

• Shares will be listed for Nigerians to invest directly.

Aliko Dangote says his Lagos refinery will double its output to 1.4 million barrels of oil per day within three years.

He explained that the move will meet Africa’s fuel demand and strengthen Nigeria’s role as a leading refining hub.

Speaking at a media briefing in Lagos, the president of Dangote Industries Limited said the project will rely on internal funds, new investors, and a planned public listing.

“This expansion shows our confidence in Nigeria’s economy and Africa’s potential,” Dangote said. “We’re building energy independence for our continent.”

A Growing Global Refining Force

When completed, the new plant will surpass India’s Jamnagar refinery, currently the world’s largest.

Dangote said the facility could earn up to 55 billion dollars yearly and reduce Nigeria’s dependence on imported fuel.

The refinery will also increase polypropylene output to 2.4 million metric tonnes per year. It will produce more industrial materials such as base oils and linear alkylbenzene.

In addition, operations will meet Euro VI fuel standards. The company plans to boost its power generation to 1,000 megawatts for steady production.

More than 85 percent of workers will be Nigerian. Dangote said this reflects his company’s investment in local training and technology.

Public Listing And National Investment

Dangote confirmed plans to list the refinery on the Nigerian Exchange. He said the goal is to let Nigerians buy shares and benefit from the project.

“Our main listing will be in Nigeria,” he said. “We want this to be a national asset that delivers value to our people.”

He praised President Bola Tinubu’s economic reforms, noting that they’ve boosted investor confidence and helped stabilize the business climate.

According to him, the refinery is already improving local fuel supply. “Nigerians now buy petrol at roughly half the price paid by our neighbors,” he said. “It’s even cheaper than in Saudi Arabia.”

Stable Fuel Supply Ahead Of Festive Season

As the festive season nears, Dangote assured citizens there will be no fuel shortage or price hike.

“For the first time in many years, Nigerians can look forward to Christmas and New Year without fuel scarcity,” he said.

He also called on other licence holders to invest in refining projects to build Africa’s energy security. “When Africa builds its own capacity, it builds its own destiny,” he added.