In a groundbreaking announcement that will reshape the global oil refining landscape, Africa’s richest man Aliko Dangote revealed plans on Sunday to more than double the capacity of his Nigerian refinery from 650,000 to 1.4 million barrels per day, positioning it to overtake India’s Jamnagar Refinery as the world’s largest within three years.
The ambitious expansion project, set to commence immediately, represents a monumental leap for Nigeria’s energy independence and will create approximately 65,000 jobs, with 85 percent reserved for Nigerians. The refinery will also upgrade its fuel production standards from Euro V to Euro VI, meeting the highest global environmental benchmarks, while doubling its power generation capacity from 500 to 1,000 megawatts.
“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 stated during a press briefing in Lagos. The businessman, who launched operations at the privately run facility last year, has already transformed Nigeria’s petroleum sector by ending the country’s decades-long dependence on imported petrol despite being a major oil producer.
The refinery has become a gamechanger for Nigerian consumers, driving down petrol prices after years of neglect and mismanagement plagued the country’s public refineries. However, its growing dominance has sparked monopoly concerns, with recent labor disputes highlighting tensions over unionization and workforce management. In September, the company’s move to deploy natural gas-powered distribution trucks triggered a strike by fuel tanker drivers, while another two-day strike ended October 1 following government mediation over allegations of firing unionized workers.
Dangote announced plans to list the refinery on the Nigerian Stock Exchange in 2026, offering Nigerians an opportunity to become shareholders in what will be the world’s most powerful oil refining operation. He expressed gratitude to President Bola Tinubu for his continuous support throughout the project.
Sources: france24.com, vanguardngr.com