The President of the Dangote Group, Aliko Dangote, has announced plans for a massive $14.3 billion expansion of the Dangote Petroleum Refinery, targeting a production capacity of 1.4 million barrels per day (bpd) by early 2029.
​The announcement was made during an executive investor address on Monday, October 12, 2026, at the Dangote Refinery Complex situated in the Lekki Free Trade Zone, Lagos State.
​Speaking at 4:30 PM before global trade representatives and energy stakeholders, Dangote revealed that the facility, which currently operates at an optimised capacity, is executing a phased upgrade to double its current operations.
​”By the beginning of 2029, we will be at 1.4 million barrels per day,” Dangote stated. “That output equals roughly 10 percent of the total refining capacity of the United States. This expansion will solidify Nigeria’s positioning as a dominant global energy hub and ensure energy independence across the continent.”
​Upon completion, the scale-up will make the facility the single largest oil refinery in the world, surpassing India’s Jamnagar Refinery complex.
​To support the ongoing capacity buildout, the Dangote Group plans to nearly double its operational workforce and expand existing downstream supply networks.
​Group Chief Executive Officer and designated spokesperson, Devakumar Edwin, provided additional context on the infrastructure required for the scale-up:
​”This expansion involves expanding our subsea pipeline logistics, scaling crude distillation units, and expanding storage capacity,” Edwin detailed. “Funding for this phase is supported by proceeds from our ongoing initial public offering (IPO) and structured internal capital allocations.”
​The expansion plan aligns with the company’s recent public capital raise efforts, including the ongoing ₦2.15 trillion IPO aimed at financing downstream infrastructure and broad industrial projects.
