Dangote Refinery Eyes $55 Billion Annual Revenue as Afreximbank Considers $5 Billion Expansion Credit
Africa’s richest man, Aliko Dangote, has announced plans to expand the capacity of his Lagos-based Dangote Petroleum Refinery from 650,000 to 1.4 million barrels per day, a move projected to generate over $55 billion in annual revenue. The billionaire industrialist revealed this during a press briefing in Lagos, stating that the refinery’s expansion would position Nigeria as a global refining powerhouse and one of the continent’s most valuable industrial assets.
The announcement came as the African Export-Import Bank (Afreximbank), under its new president, George Elombi, confirmed that it is considering a $5 billion credit facility to support the refinery’s expansion. According to Elombi, the financing aims to boost West Africa’s energy independence and could potentially cut fuel prices across the region by half. Dangote welcomed the move, saying it would secure long-term energy stability and create tens of thousands of jobs.
Dangote explained that the expansion, which is expected to be completed within three years, would double the refinery’s processing lines and ensure uninterrupted operations even during maintenance periods. He noted that the project aligns with President Bola Tinubu’s vision to make Nigeria a major exporter of refined petroleum products, reduce fuel import dependence, and save billions in foreign exchange. The refinery is also expected to meet Euro 6 fuel standards, making it one of the most environmentally advanced facilities globally.
Beyond oil refining, the expansion will increase polypropylene production from 900,000 to 2.4 million metric tonnes annually and boost the refinery’s power generation capacity from 500 megawatts to 1,000 megawatts. Dangote emphasized that over 85 percent of the workforce will be Nigerian, highlighting the company’s commitment to skills development and technology transfer. “Our goal has never been just to refine oil, but to refine opportunities for our people,” he stated.
In a forward-looking move, Dangote revealed that the company plans to list the refinery on the Nigerian Exchange (NGX) within the next year, giving ordinary Nigerians the opportunity to own shares in the facility. He said the refinery’s growth represents confidence in Nigeria’s economic future and Africa’s capacity for industrial transformation. “This expansion is not just about barrels; it’s about belief — belief in our people, in our leadership, and in Africa’s limitless potential,” Dangote concluded.
source: arise