President Bola Tinubu has reaffirmed his administration’s commitment to supporting the Dangote Refinery’s planned expansion from its current 650,000 barrels per day capacity to 1.4 million barrels per day.
Tinubu, represented by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made this known on Monday at the 19th edition of the OTL Africa Downstream Conference and Exhibition in Lagos.
He described the Dangote Refinery project as a “game-changer” for Nigeria, West Africa, and the global energy market, noting that its expansion would not only secure Nigeria’s self-sufficiency in refined petroleum products but also bolster energy supply across the continent.
“When completed, the expansion will make the facility the largest refinery in the world, surpassing India’s Jamnagar Refinery,” Tinubu stated.
Speaking earlier at a press conference in Lagos, the president of the Dangote Group, Aliko Dangote, said the decision to expand the refinery reflects confidence in Nigeria’s economic future and aligns with President Tinubu’s vision of positioning the country as a global supplier of refined petroleum products.
“We are more than doubling the barrels – to 1.4 million from 650,000. This will make it the largest refinery in the world,” Dangote said. “This expansion is about confidence in Nigeria, in Africa, and in our capacity to shape our own energy future.”
Tinubu further assured that his administration would continue to support private investments that drive value addition, industrial growth, and energy security. He noted that such projects align with his government’s broader vision of building a competitive and deregulated downstream petroleum sector.
Quoting recent figures, Lokpobiri revealed that Africa imported hydrocarbons worth about $120 billion in 2024 – a figure that underscores the continent’s vast energy market potential.
“Africa has the market,” he said. “But because of limited financial capacity and distribution networks, most of the money still goes outside the continent. For Nigeria, our goal is to reclaim a fair share of that value.”
