… to employ 65,000 construction workers

Aliko Dangote says refinery revenue could exceed $55 bn yearly

Oredola Adeola

The management of Dangote Petroleum Refinery has unveiled plans to expand the facility’s capacity from 650,000 barrels per day to 1.4 million barrels per day, within the next three years, committing to engage about 65,000 workers during the construction phase of the project.

The company further revealed plans to list 10% shares of the $20 billion facility, Dangote Refinery and Petrochemical Complex, on the Nigerian Stock Exchange within the next year, urging Nigerians to take advantage of the opportunity to participate in the landmark investment.

Aliko Dangote, President of Dangote Industries Limited, disclosed this during a press conference on the refinery’s expansion project on Sunday.

According to him, the expansion underscores Dangote Group’s confidence in Nigeria’s future, its faith in Africa’s potential, and its commitment to achieving energy independence for the continent and beyond.

He noted that the initiative aligns with President Bola Ahmed Tinubu’s vision for Nigeria to become a major global supplier of petroleum products, supported by enabling government policies.

The project, he added, is designed to meet rising regional demand, cut import dependence, save billions in foreign exchange, and strengthen the nation’s energy security.

Dangote further stated that the expansion will create about 65,000 jobs during construction, unlocking new opportunities for local industries and driving inclusive economic growth.

Dangote further revealed that the company will expand its polypropylene production capacity from 900,000 metric tonnes to 2.4 million metric tonnes per annum, enhancing the output of linear alkylbenzene, a key raw material in detergent manufacturing, as well as the production of base oils.

He explained that with this expansion, the refinery will upgrade from Euro V to Euro VI fuel standards, meeting the world’s highest environmental and quality benchmarks, while also boosting power generation capacity to achieve full operational self-sufficiency.

Highlighting the economic impact of the project, Dangote said the expansion would further strengthen Nigeria’s energy security, reduce foreign exchange outflows, and save the country billions of dollars annually that would otherwise go into importing refined products.

He estimated that the refinery’s revenue could exceed $55 billion annually, making it one of the most valuable industrial assets on the African continent.

On sustainability and local content, Dangote stated that over 85% of the refinery’s workforce will be Nigerian, supported by continued investments in skills development and technology transfer.

He reaffirmed the company’s commitment to safety, sustainability, and local participation at every stage of the expansion, stressing that the ultimate goal is not just to refine oil, but to refine opportunities for Nigerians.

Alh. Dagote emphasised that the expansion opens new avenues for collaboration and investment across the energy value chain, with emerging opportunities in financing, crude sourcing, and strategic partnerships.

He expressed gratitude to President Tinubu and the Federal Government for supporting industrialisation policies such as Nigeria’s First, Naira-for-Crude, and the One-Stop Shop initiatives, which he said have emboldened investors to take on transformative projects.

He also commended the government’s intervention in mediating recent disruptions at the refinery linked to union activity and sabotage attempts, calling it a demonstration of effective collaboration between the public and private sectors.