KEY POINTS
- President Tinubu pledges full government support for Dangote Refinery’s expansion to 1.4 million barrels per day.
- Dangote says the project signals confidence in Nigeria’s capacity to lead Africa’s energy future.
- The expansion will make the refinery the world’s largest, positioning Nigeria as a global petroleum hub.
President Bola Tinubu has reaffirmed his administration’s unwavering support for the Dangote Refinery’s audacious plan to expand its capacity from 650,000 barrels per day to 1.4 million barrels per day, a move that, when completed, will position it as the largest refinery in the world.
Speaking through the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, at the 19th edition of the OTL Africa Downstream Conference and Exhibition in Lagos, Tinubu described the project as a monumental step for Nigeria and the African continent.
He said the expansion marks a new dawn for energy self-sufficiency and reinforces Nigeria’s standing in the global oil and gas landscape.
The President noted that his government remains committed to enabling an environment where private investments in the energy sector can thrive. He emphasised that ventures like Dangote’s align with his administration’s broader goal of developing a competitive and deregulated downstream industry.
Lokpobiri, speaking on behalf of the President, observed that Africa remains a vast market for hydrocarbon products, yet continues to lose substantial value to external economies due to poor financial and distribution capacity.
“By 2024, data showed Africa imported about $120 billion worth of hydrocarbon resources. That tells us the market exists, but much of the wealth flows back to countries outside the continent. For Nigeria, our focus is to reclaim a significant portion of that value,” he said.
Dangote’s Expansion Seen as a Vote of Confidence in Nigeria’s Future
At a separate media briefing in Lagos on Sunday, Aliko Dangote, President of Dangote Group, said the refinery’s expansion reflects both faith in Nigeria’s economic future and confidence in the country’s leadership.
He described the move as a statement of intent, one that underscores Africa’s readiness to shape its own energy future.
“We are more than doubling production, from 650,000 to 1.4 million barrels per day,” Dangote said. “This will make it the largest refinery in the world, surpassing Jamnagar in India.
This expansion is not just about size, it’s about confidence, in Nigeria, in Africa, and in our capacity to drive transformation from within.”
When fully operational, the expansion is expected to not only meet Nigeria’s domestic demand for refined products but also turn the country into a net exporter of petroleum, improving foreign exchange earnings and reducing dependence on imported fuels.
Tinubu, in his remarks, reiterated that his government would continue to support projects that strengthen energy security, create jobs, and ensure Nigeria’s transition into a value-adding economy. “We will stand by every investor willing to transform raw resources into finished products within our borders,” he said.
