Nigerian billionaire and industrialist Aliko Dangote has announced plans to expand his Lagos-based oil refinery, the largest in Africa, to increase production capacity from 650,000 barrels per day to 1.4 million barrels per day. The move is aimed at strengthening Nigeria’s refining capacity and reducing the country’s heavy dependence on imported fuel.

Read more: Dangote Set to Expand Africa’s Largest Oil Refinery to Boost Output

Speaking at a recent press briefing in Lagos, Dangote said the expansion is part of a long-term strategy to make Nigeria a global energy hub. “We are confident in Nigeria’s future and the potential of Africa. Our goal is to make this refinery the largest single-site facility in the world,” he said.

The announcement comes barely a year after the refinery began production and started supplying diesel and aviation fuel to the domestic market. Industry analysts believe the expansion will further stabilize fuel supply across West Africa and position Nigeria as a key exporter of refined products.

Massive Industrial Boost for Nigeria

According to reports from reputable outlets such as AP News and Financial Times, the refinery expansion project will be financed through external funding and the possible sale of up to 10 percent of Dangote Refinery shares to strategic investors.

The refinery, located in the Lekki Free Trade Zone, has already been described as a game-changer for Nigeria’s economy. Experts say the new expansion will not only improve fuel supply but also create thousands of direct and indirect jobs.

A senior executive at the Dangote Group said the project reflects the company’s confidence in Nigeria’s economy and aligns with its mission to drive industrialization across Africa. The refinery currently produces diesel, aviation fuel, and naphtha, with plans to begin petrol refining soon.

The Dangote refinery expansion also sends a strong message to global investors that private-sector innovation is leading Africa’s energy transformation. Economists say the plan will enhance Nigeria’s export potential and save billions of dollars in foreign exchange spent on fuel imports every year.

While no specific completion date has been announced, construction on the new phase is expected to begin soon. Once operational, the upgraded refinery could surpass even India’s Jamnagar facility, currently the world’s largest refinery.

With this move, Dangote continues to redefine Africa’s industrial landscape, transforming Nigeria into a major player in global energy production.