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The President of Dangote Industries Limited, Aliko Dangote, has assured Nigerians of uninterrupted fuel supply and stable petrol prices throughout the festive season, despite a recent rise in global oil prices.
Speaking on Sunday, Dangote announced plans to expand the Dangote Petroleum Refinery’s capacity from 650,000 barrels per day (bpd) to 1.4 million bpd, positioning it to become the largest refinery in the world when completed within the next three years.
“For the first time in many years, Nigerians can look forward to a Christmas and New Year free of fuel anxiety,” Dangote said, noting that the refinery remains committed to keeping pump prices stable even amid international price volatility.
The expansion, he explained, is driven by rising African demand for cleaner fuels and Nigeria’s favourable refining policies, reflecting the company’s belief in the country’s economic potential and President Bola Ahmed Tinubu’s vision of making Nigeria a refining hub for Africa.
Dangote highlighted that Nigeria’s petrol remains cheaper than most countries in the region, despite improved fuel quality that meets Euro VI environmental standards.
He noted that the refinery has already helped stabilise the local market, strengthen the naira, and prevent capital flight.
The expansion project will be financed through a mix of cash flow, public listing, and strategic investors and is expected to boost revenue to over $55 billion annually.
Dangote also revealed plans to list a significant portion of the refinery’s shares on the Nigerian Exchange (NGX) next year to allow Nigerians to participate in ownership.
“We want the Dangote Refinery to be the golden stock of the Exchange. Listing outside Nigeria is secondary — this is a national asset,” he said.
Additionally, the expansion will increase polypropylene production from 900,000 to 2.4 million metric tonnes annually and grow power generation capacity to 1,000 megawatts to ensure full operational self-sufficiency. More than 85% of the workforce will continue to be Nigerian.
Dangote expressed gratitude to the Nigerian and Lagos State governments, along with the Lekki host communities, for their support, emphasising that the project will create thousands of jobs, boost industrial development, and ensure Nigeria’s energy independence.
“Our goal has never been just to refine oil but to refine opportunities for our people,” he said. “This expansion is a vote of confidence in Nigeria and in the ability of Africans to build and manage world-class infrastructure.”
