Africa’s richest man, Aliko Dangote, has announced plans to expand the Dangote Refinery’s production capacity from 650,000 to 1.4 million barrels per day, a move that will make it the largest refinery in the world upon completion.

Speaking at a press conference in Lagos on Sunday, the President of Dangote Group said the expansion reflects strong confidence in Nigeria’s economic future and aligns with President Bola Tinubu’s vision of making the country a global hub for refined petroleum products.

“We are more than doubling the barrels… to 1.4 million from 650,000,” Dangote told journalists. “This will make it the largest refinery in the world, surpassing India’s Jamnagar Refinery.”

He described the project as a testament to “confidence in Nigeria, in Africa, and in our capacity to shape our own energy future.”

Dangote commended the Federal Government for implementing supportive industrial policies such as the Nigeria First Policy, Naira-for-Crude Policy, and One-Stop Shop Initiative, noting that these measures have revitalized the downstream sector and boosted private investment in local refining.

He revealed that recent disruptions at the refinery caused by union activities and sabotage attempts had been swiftly resolved through government intervention.

The expansion, according to Dangote, will create about 65,000 jobs during construction and generate new opportunities for local industries. In addition to refining crude oil, the facility will increase polypropylene production from 900,000 to 2.4 million metric tonnes annually and expand into base oils and linear alkylbenzene, a key ingredient in detergent production.

The upgraded refinery will produce Euro VI-standard fuels, meeting global environmental and emission standards while enhancing power generation capacity for self-sufficiency.

“Our goal has never been just to refine oil, but to refine opportunities for our people,” Dangote stated.

The refinery, which began operations in 2024, has already started exporting aviation fuel to the United States, Europe, and Brazil, and continues to attract demand from across West and East Africa.

Dangote also disclosed plans to list the refinery on the Nigerian Stock Exchange next year to encourage broader ownership and promote transparency.

“That is a step towards broader ownership and market transparency,” he said.

Addressing the recent standoff with the PENGASSAN oil workers’ union, Dangote dismissed claims that employees were sacked for unionising, insisting that only those involved in acts of sabotage were let go. He thanked the Federal Government for mediating the dispute.

With Nigeria currently producing around 1.5 million barrels per day below its 2 million bpd target, Dangote assured Nigerians of stable fuel supply and prices during the festive season.

“For the first time in many years, Nigerians can look forward to a festive season free of fuel anxiety,” he said confidently.

Meanwhile, another private refinery under construction by Abdulsamad Rabiu’s BUA Group is expected to produce 200,000 barrels per day upon completion.