… Commends Tinubu’s reforms, initiatives $55bn annual income
…Plans NGX itemizing to empower Nigerians
President of Dangote Industries Limited, Aliko Dangote, has defined that the choice to develop the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd is pushed by rising alternatives throughout Africa, rising regional demand for cleaner fuels, and Nigeria’s evolving coverage setting that encourages native refining.
Speaking at a media briefing in Lagos, Dangote stated the $20 billion facility, already the biggest single-train refinery on the earth will greater than double its capability throughout the subsequent three years, making it a worldwide chief in petroleum refining and a serious driver of Africa’s industrial renaissance.
“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. It also is about confidence in Nigeria, in Africa, and in our capacity to shape our own energy future,” Dangote stated. “It is the dream of President Bola Ahmed Tinubu GCFR, for Nigeria to emerge as one of the major suppliers of petroleum products in the world. And with his strong backing through his policies, we are taking on the challenge to make this happen”
According to him, the enlargement displays the group’s perception in Africa’s potential to attain vitality independence and rework its financial system from being an exporter of uncooked crude to a hub for refined petroleum merchandise.
Dangote revealed that the enlargement venture will probably be executed over the following three years and will probably be financed via a mixture of money movement, public itemizing, and strategic buyers. When accomplished, the refinery will surpass India’s Jamnagar Refinery, at present the world’s largest, cementing Nigeria’s place as a worldwide refining hub.
He stated the refinery may also develop its polypropylene manufacturing capability from 900,000 metric tonnes to 2.4 million metric tonnes every year, additional boosting the output of linear alkylbenzene, a key ingredient in detergent manufacturing, together with extra manufacturing of base oils.
“With this expansion, the refinery transitions from producing Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks,” he stated. “We will also expand our power generation capacity to 1,000 megawatts, ensuring complete operational self-sufficiency. More than 85% of our workforce will be Nigerian, with continuous investment in skills development and technology transfer. Our commitment to safety, sustainability, and local participation remains unwavering throughout every phase of the expansion”
Highlighting the {economic} impression of the venture, Dangote stated the enlargement will additional strengthen Nigeria’s vitality safety, cut back overseas change outflows, and save the nation billions of {dollars} yearly that may in any other case go into importing refined merchandise.
He estimated that the refinery’s income may exceed $55 billion yearly, making it one of the priceless industrial property on the African continent.
Dangote reaffirmed plans to record a good portion of the refinery’s shares on the Nigerian Exchange (NGX) throughout the subsequent yr, describing it as a part of efforts to democratise possession and permit Nigerians to share within the worth creation.
“Our main listing will be here in Nigeria to give Nigerians value,” he stated. “We want the Dangote Refinery to be the golden stock of the Exchange. Listing outside Nigeria is secondary to us. We want this to be a national asset in every sense. This is a step toward broader ownership and market transparency. Therefore we call on all Nigerians to seize this window, to benefit from this golden opportunity. Our long-term goal remains clear: to build Africa’s leading integrated energy and petrochemical hub the first of its kind on the continent”
He stated the refinery’s sturdy money movement, profitability prospects, and strategic positioning would make it enticing to each native and international buyers.
“This expansion will create additional jobs, support thousands of SMEs, and deepen our industrial base. Our goal has never been just to refine oil, but to refine opportunities for our people” he stated. “It is a vote of confidence in Nigeria, in the reforms of President Bola Ahmed Tinubu’s administration, and in the ability of Africans to build and manage world-class infrastructure.”
He expressed gratitude to President Tinubu and the Federal Government for supporting industrialisation insurance policies reminiscent of Nigeria’s First, Naira-for-Crude, and the One-Stop Shop initiative, which he stated have emboldened buyers to tackle transformative initiatives.
He additionally counseled the federal government’s intervention in mediating latest disruptions on the refinery linked to union exercise and sabotage makes an attempt, calling it an illustration of efficient collaboration between the private and non-private sectors.
Despite not but recouping the preliminary funding within the 650,000 bpd section, Dangote stated the group is targeted on long-term transformation fairly than short-term returns.
“Refining is a long-term project. We are expanding because we believe in Africa,” he stated. “Without this refinery, Nigeria would still be buying dollars at ridiculous rates and depleting our reserves to import fuel.”
He emphasised that Nigeria’s pump value stays among the many lowest within the area regardless of the refinery’s manufacturing of higher-quality, cleaner fuels which have diminished poisonous dumping within the nation.
Dangote emphasised that the refinery has already made a distinction by stabilising native gas provide, serving to to strengthen the naira, and stopping capital flight.
“Nigerians today buy petrol at roughly half the price of what our neighbours pay, and it is even cheaper than in Saudi Arabia,” he famous. “Our product is of higher quality, meeting Euro VI standards, and it has significantly reduced the dumping of toxic fuel into our market.”
As Nigeria approaches the festive season, Dangote assured the general public that there can be no gas shortage or value hike in the course of the ember months, regardless of latest international value will increase.
“In the last three days, we have witnessed an eight percent spike in global oil prices,” he stated. “But I want to assure Nigerians that the Dangote Refinery is fully committed to maintaining uninterrupted supply of petrol throughout the festive period. For the first time in many years, Nigerians can look forward to a Christmas and New Year free of fuel anxiety.”
Dangote praised the Federal and Lagos State Governments for his or her continued help, together with the corporate’s host neighborhood in Lekki and its {financial} and technical companions.
“This expansion is not just about capacity; it is about confidence — in our people, in our government, and in our continent,” he stated. “Together, we are building a stronger Nigeria and redefining what is possible for Africa.”
He referred to as on different buyers holding refinery licences to emulate the instance, urging collaboration in reaching President Tinubu’s imaginative and prescient of creating Nigeria the refining hub of Africa.
“When Africa builds its own capacity, it builds its own destiny,” Dangote concluded.
