President Bola Tinubu has reaffirmed his administration’s commitment to supporting the Dangote Refinery’s planned expansion from 650,000 barrels per day to 1.4 million barrels per day.
Tinubu, who was represented by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, gave the assurance Monday at the 19th edition of the OTL Africa Downstream Conference and Exhibition in Lagos.
He described the project as a game-changer for Nigeria, West Africa, and the global energy market.
According to him, the refinery’s expansion would not only boost Nigeria’s self-sufficiency in refined products but also strengthen energy supply across the continent.
When completed, the expansion will make the facility the largest refinery in the world, surpassing the Jamnagar Refinery in India.
Speaking at a press conference in Lagos on Sunday, the President of the Dangote Group, Aliko Dangote, said the move reflects confidence in Nigeria’s future and aligns with President Bola Tinubu’s vision of making the country a global supplier of refined petroleum products.
“We are more than doubling the barrels… to 1.4 million from 650,000,” Dangote told news conference in Lagos.
“This will make it the largest refinery” in the world, surpassing India’s Jamnagar Refinery, he said.
He added that “This expansion is about confidence in Nigeria, in Africa, and in our capacity to shape our own energy future.”
President Tinubu said the Federal Government would give its full backing to private investments that promote value addition and energy security.
He stressed that such initiatives align with the administration’s vision to build a competitive downstream sector under a deregulated petroleum market.
“Data has shown that Africa has enough markets. By 2024, the data available shows that Africa imported $120 billion worth of hydrocarbon resources.”
“That shows that Africa has the market. But because we have limited financial capacity and a limited distribution network, most of the money still goes back to countries outside the continent. For Nigeria, our target is to see how we can redeem a proportion of that value,” Lokpobiri, speaking on behalf of the President, said.
