Africa’s richest man, Aliko Dangote, is not slowing down. Just months after his multi-billion-dollar refinery in Lagos began operations, he has now revealed plans to expand it even further aiming to make it the largest refinery in the world.
From 650,000 to 1.4 Million Barrels Daily
The Dangote Refinery, located in the Lekki Free Zone, currently has the capacity to refine 650,000 barrels of crude oil per day.
But Dangote says that’s just the beginning. In a recent interview with S&P Global, he announced plans to double the refinery’s size to 1.4 million barrels per day, surpassing India’s Jamnagar facility, which currently holds the world record at 1.36 million barrels.
According to him, the goal is clear, to make Nigeria a true energy powerhouse and reduce Africa’s heavy dependence on imported fuel.
Building for the Future
The refinery’s engineers had already designed the complex with space for future growth. Empty plots within the Lekki site can hold a second refining system, which would allow for more production lines and improved processing of lighter fuels.
Dangote also hinted that part of the expansion might involve adding new petrochemical projects, including a vacuum distillation unit to boost fuel output and a plan to grow polypropylene production from 1 million to 1.5 million metric tonnes yearly.
Africa’s Energy Independence
For Dangote, this is not just about business, it’s about Africa’s energy independence. He believes the continent can no longer rely on fuel imports from Europe or Asia.
“Africa will be in trouble without major private investments,” he warned, stressing that many African governments lack the resources to build large refineries.
His message is clear, Africa must refine its own crude and control its own energy destiny.
Middle East Partners and Global Reach
To fund this massive expansion, Dangote is already in talks with Middle Eastern investors who could provide the needed financing. The company has also secured a $4 billion funding deal, which will help drive both the refinery upgrade and new petrochemical developments in the coming years.
Unlike before, Dangote plans to share ownership of the refinery with strategic partners from the Middle East, saying the business model will evolve beyond 100% Dangote ownership. There are also plans to list about 5–10% of the company’s shares on the Nigerian Stock Exchange.
The refinery has already changed the energy game in West Africa. It has turned Nigeria into a net exporter of diesel and jet fuel, while supplying petrol across the subregion. Analysts believe the expansion could make Africa one of the world’s most important refining hubs.
Despite global reports suggesting that refining capacity will soon exceed demand, Dangote remains confident.
His focus is on serving Africa’s growing population and meeting local needs first before thinking about global competition.
Beyond Oil — Dangote’s Bigger Vision
Aside from refining, the Dangote Group is also investing in chemical and base oil production, expanding into new sectors that support both industry and job creation.
At the same time, Dangote has shared that truck drivers working in his refinery earn between ₦210,000 and ₦280,000 monthly, with housing benefits for those with clean records, a reflection of his drive to improve local employment conditions.
SOURCE: businesselitesafrica.com