Aliko Dangote, chairman of Dangote Group, says the Dangote Petroleum Refinery and Petrochemicals will become the world’s largest refinery by 2028 as the company moves ahead with a major capacity expansion.
Gatekeepers News reports that Dangote made the disclosure on Monday while speaking on the refinery’s expansion plans and its proposed initial public offering (IPO). The refinery, located in the Lekki area of Lagos, currently has a nameplate capacity of 650,000 barrels per day, although it has successfully tested production at about 700,000 barrels per day.
The company plans to more than double the refinery’s capacity to about 1.4 million barrels per day. If completed as planned, the expansion would put the facility ahead of India’s Jamnagar refinery complex and make the Dangote facility the world’s largest based on refining capacity.
Reuters reports that the expansion is estimated at $14.3 billion and is expected to raise the refinery’s capacity from its current level to 1.4 million barrels per day by 2029, while Dangote has previously targeted 2028 for the project.
The announcement comes as Dangote Refinery prepares for a major IPO. Nigeria’s Securities and Exchange Commission has approved the sale of about 4.1 billion shares at N525 per share, potentially raising about N2.15 trillion ($1.63 billion). The offer is expected to open on September 14 and close on October 13, 2026.
Dangote said the refinery’s expansion is part of a broader strategy to increase its contribution to Nigeria’s energy security while positioning the business as a major player in the global petroleum market. The refinery began operations in 2024 and has since become Africa’s largest oil-refining facility.
The proposed expansion would also strengthen Nigeria’s position as a major exporter of refined petroleum products, potentially reducing the country’s reliance on imported fuel while increasing the volume of petroleum products available for export across Africa and beyond.
