- Safiu Kehinde
Nigerian businessman and Chairman of Dangote Group, Aliko Dangote, has unveiled plan to expand the production capacity of his Lagos-based refinery from 650,000 barrels per day to 1.4 million barrels per day.
The over $20 billion Dangote Petrol-Chemical Refinery situated in Lekki area of Lagos is tipped to be the largest refinery in the world on completion of the expansion project, surpassing the Jamnagar Refinery in India.
Also, the expansion of the refinery’s capacity is billed to reflect confidence in Nigeria’s future and in alignment with President Bola Ahmed Tinubu’s vision of making the country a global supplier of refined petroleum products.
Dangote made this known during a press conference in Lagos on Sunday.
The Africa’s richest man commended the Federal Government for its support and for implementing policies that have spurred industrial growth, including Nigeria’s First Policy, Naira-for-Crude Policy, and One-Stop Shop Initiative.
He maintained that these policies have revolutionised the downstream sector and encouraged private investment in local refining.
“We are more than doubling the barrels… to 1.4 million from 650,000,” Dangote revealed
“This will make it the largest refinery” in the world, surpassing India’s Jamnagar Refinery, he said.
“This expansion is about confidence in Nigeria, in Africa, and in our capacity to shape our own energy future,” Dangote said.
He further lauded the Federal Government intervention and mediation on the recent disruptions at the refinery, which were linked to union activities and sabotage attempts.
According to reports, the business mogul revealed that the expansion project would generate about 65,000 jobs during the construction phase and open new opportunities for local industries.
In addition to refining crude oil, the project will boost polypropylene production from 900,000 metric tonnes to 2.4 million metric tonnes per annum, alongside the production of base oils and linear alkylbenzene, a key ingredient for detergents.
The upgraded facility is also tipped to produce Euro VI-standard fuels, meeting the world’s highest environmental and emission standards. It will also increase power generation capacity, ensuring operational self-sufficiency.
“Our goal has never been just to refine oil, but to refine opportunities for our people,” he added.
Addressing concerns over potential fuel shortages during the year-end festive period, Dangote assured Nigerians of an uninterrupted petrol supply despite recent fluctuations in global oil prices.
He said the refinery was fully prepared to maintain consistent product flow and stable prices throughout the ember months.
“For the first time in many years, Nigerians can look forward to a festive season free of fuel anxiety,” he assured.