Africa’s richest man, Aliko Dangote, has announced the expansion of the Dangote Petroleum Refinery, increasing its capacity from 650,000 to 1.4 million barrels per day, a move set to make it the largest refinery in the world and generate about 65,000 jobs during the construction phase.

Speaking at a press conference in Lagos on Sunday, Dangote reaffirmed his confidence in Nigeria’s economic future and praised President Bola Ahmed Tinubu’s policy direction aimed at achieving energy self-sufficiency and export diversification. He said the expansion, once completed, would surpass the Jamnagar Refinery in India and mark a new milestone in Africa’s industrial capacity.

Dangote described the project as not merely an expansion of infrastructure, but as a bold statement of faith in Africa’s ability to shape its own energy destiny.

“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,” he said, adding that the project symbolises trust in the continent’s potential to control its resources and secure its future.

The business magnate explained that the increase in capacity was a direct response to the rising regional demand for petroleum products and Nigeria’s ongoing dependence on imported refined fuel. The move, he said, would save the country billions of dollars in foreign exchange and significantly boost energy security.

“With this expansion, we would require 65,000 workers during construction, and such a project will further unlock opportunities for local industries. It reinforces Africa’s capability to build and manage world-class infrastructure,” he noted.

The refinery’s ongoing polypropylene production will also be scaled up from 900,000 metric tonnes to 2.4 million metric tonnes per annum, increasing Nigeria’s capacity to produce linear alkylbenzene, a key raw material for detergents and base oils used in lubricants.

Dangote further disclosed that the refinery would transition from producing Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks, while also expanding power generation capacity to ensure full operational self-sufficiency.

Reiterating his commitment to sustainability, safety, and local participation, Dangote revealed that over 85 percent of the refinery’s workforce would be Nigerians. He said the company was investing heavily in skills development and technology transfer to build domestic capacity for future industrial projects, stressing that his goal was “not just to refine oil, but to refine opportunities for our people.”

He expressed appreciation to President Tinubu, the Nigerian government, and security agencies for their support, particularly in advancing policies that encourage domestic crude processing and the export of finished petroleum products. He also commended the government for resolving recent challenges linked to union disruptions and sabotage attempts that could have impeded the refinery’s progress.

Looking ahead, Dangote announced plans to list 10 percent of the Dangote Refinery and Petrochemical Complex on the Nigerian Stock Exchange within the next year. The move, he said, would promote transparency, broader ownership, and investor participation in what has already become Africa’s most significant private industrial investment.

He called on Nigerians to take advantage of this opportunity to participate in a venture that represents “Africa’s leading integrated energy and petrochemical hub, the first of its kind on the continent.” He also assured that the refinery would maintain a steady supply of fuel and stable prices during the festive period, despite global oil market volatility, promising Nigerians a “festive season free of fuel anxiety.”

Dangote used the occasion to urge the holders of the remaining 30 refinery licences to align with President Tinubu’s vision of making Nigeria the refining capital of Africa. He stressed that Africa’s destiny lies in its ability to build its own capacity, asserting that “this expansion is not just about increasing capacity; it’s about confidence in our people, our country, and our continent.”