• Dangote will double refinery capacity from 650,000 to 1.4 million barrels per day within three years, making it the world’s largest.
• The $20 billion project will be funded through cash flow, a local stock market listing, and strategic investors.
• Dangote’s fortune has risen to $30.5 billion, cementing his position as Africa’s richest person.

Nigerian billionaire Aliko Dangote said on Sunday, October 26, that he plans to double the production capacity of his oil refinery within three years, aiming to make it the largest in the world.

“We are more than doubling capacity to 1.4 million barrels from 650,000,” Dangote said at a press conference in Lagos. “That will make it the largest refinery in the world, surpassing India’s Jamnagar refinery,” he added.

The expansion of the $20 billion refinery — built over 11 years — is expected to position Nigeria as a global refining hub. The facility will not only meet domestic fuel demand but also export refined petroleum products to other African and international markets.

Dangote said the expansion reflects confidence in Nigeria’s future and Africa’s potential. “This expansion shows our faith in Africa’s potential and our commitment to building the continent’s energy independence,” he said, noting strong demand from West and East Africa.

The refinery, located in the Lekki Free Zone near Lagos’ deep-sea port, is already the world’s largest single-train facility with a capacity of 650,000 barrels per day. It supplies refined products to Nigeria, which previously imported most of its fuel despite being Africa’s top oil producer. It also exports fuels and kerosene to the United States, Europe, and Brazil.

Broader Industrial Output

The expansion will also increase polypropylene production from 900,000 to 2.4 million metric tons per year. The refinery will produce base oils, key ingredients in lubricants and engine oils, as well as linear alkylbenzene, used in detergents.

Dangote said the expansion will be financed through a mix of cash flow, capital raised from the Nigerian stock market, and partnerships with strategic investors. He reaffirmed plans to list 5% to 10% of the refinery’s shares on the Nigerian Exchange within a year.

“This is a step toward broader ownership and market transparency,” he said.

In an interview published by S&P Global on October 20, Dangote confirmed ongoing talks with Middle Eastern investors to help fund the refinery’s capacity increase. “Our business model is changing,” he said. “Instead of being 100% owned by Dangote, our company will now include other partners.”

According to Bloomberg Billionaires Index data released on Sunday, October 26, Dangote’s net worth rose by $2.43 billion this year to reach $30.5 billion — making him the first African to surpass the $30 billion mark. The surge was driven by rising valuations of listed subsidiaries of the Dangote Group on the Nigerian Exchange.

This article was initially published in French by Walid

Adapted in English by Ange Jason Quenum