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The Lagos State government has announced that discussions are underway with a new investor to develop a second privately owned refinery in the state, signalling expanding interest in Lagos’ growing industrial and petrochemical sector.
The update was given by the Commissioner for Physical Planning and Urban Development, Dr Oluyinka Abiodun Olumide, during an Economic Roundtable organised by the Ministry of Economic Planning and Budget’s Economic Intelligence Department at the Protea Hotel in Alausa, Ikeja.
Dr Olumide said Lagos had become an increasingly appealing destination for large-scale industrial ventures, with private investors now looking beyond the Dangote Refinery to pursue fresh opportunities in the energy sector.
He confirmed that preliminary conversations regarding the establishment of another private refinery were already in motion, stressing that such projects were best driven by private capital rather than government funding.
“These are initiatives meant to be championed by the private sector. Government cannot do everything, so these are avenues through which investors can profit. It’s surprising when people question employment levels.
“Our plans are robust enough to attract private participation, and the impact of Dangote’s investment in Lagos is evident. Another operator is coming in—very soon, Dangote will have a competitor. Discussions have already started on setting up another private refinery,” he said.
Dr Olumide added that Lagos’ urban development framework had been deliberately designed to support major capital-heavy investments, particularly those that create jobs, boost energy capacity and expand the state’s industrial landscape.
