President/Chief Executive, Dangote Petroleum Refinery, Aliko Dangote, on Sunday, announced the expansion of the refinery’s daily production capacity from 650,000 per barrels to 1.4million bpd.
He said with this development, the refinery has become the largest in the world.
Dangote who spoke at a press conference in Lagos on Sunday, said, “The key announcement is that we are expanding the Dangote Refinery from 650,000 barrels per day to 1.4m barrels per day.
“This will make it the largest refinery in the world ever.
“This expansion reflects our confidence in Nigeria’s future, our belief in Africa’s potential and our commitment to building energy independence for our continent and the world.”
Dangote said with the expansion, the refinery will require additional 65,000 workers during the construction process.
He added that the refinery would also ramp up its power generation from 500MW to 1,000 MW capacity.
The richest man in Africa noted that the refinery would be listed on the Nigerian Stock Exchange in 2026, in order to give Nigerians the opportunity to be shareholders.
He added, “That’s a step towards broader ownership and market transparency. We want to give all Nigerians the opportunity of owning parts of the refinery.
“You can buy as many shares as you can. Therefore, we are making sure that this refinery belongs to all Nigerians. I think it’s right time to put in your savings and join us in this journey.
“Our long term goal remains clear – to build Africa’s leading integrated energy and petrochemical hub, the first of its kind on the continent.”
Dangote further disclosed that the project will be financed through cash flow, “and we also have one or two strategic investors.”
