Nigerian industrialist Aliko Dangote has announced an ambitious plan to double the capacity of his refinery within three years, aiming to make it the largest in the world. The proposed expansion would increase output from 650,000 to 1.4 million barrels per day, surpassing India’s Jamnagar refinery, the world’s largest. Dangote revealed the project will be financed through the facility’s own strong cash flow and by bringing in strategic minority investors. Furthermore, a 10% stake will be listed on the Nigerian Exchange next year to promote broader local ownership. This growth is designed to meet rising African fuel demand and reduce the continent’s reliance on imported petroleum products. By leveraging existing infrastructure, Dangote believes the second phase can be completed more efficiently, solidifying the refinery’s role as a transformative national and continental asset.
The African Report
