Chairman of Dangote Group, Aliko Dangote, has announced that the Dangote Petroleum Refinery and Petrochemicals is on course to become the world’s largest refinery by 2028 following a planned expansion of the facility.
Dangote disclosed this on Monday during the preliminary signing ceremony for the proposed Initial Public Offering (IPO) of the refinery.
The billionaire businessman said the 700,000-barrel-per-day facility, which is currently the largest refinery in Africa and the world’s largest single-train refinery, would surpass other major facilities globally once the expansion project is completed.
According to him, the planned development would transform the facility into the largest refinery in the world in terms of capacity.
“As we gather today to witness the preliminary activities that will set in motion the initial public offering of the 700,000 barrels per day in the Dangote refinery and petrochemicals, the largest refinery in Africa, world’s largest single train, and soon to be the largest refinery by 2028 in the world history,” Dangote said.
He described the proposed IPO as a major milestone not only for the Dangote Group but also for Nigeria and the wider African continent.
‘Banks Backed Us Without Seeing Licence’
Reflecting on the journey behind the refinery, Dangote said the project was conceived and developed over more than a decade, during which the company received significant backing from its financial partners.
He said the confidence shown by the group’s bankers was particularly remarkable because some of the lenders had committed their support without initially visiting the refinery site or seeing the project’s licence.
According to him, the experience demonstrated what can be achieved when determination, focus and long-term commitment are applied to major industrial projects.
“Today also shows that nothing is impossible for us to achieve once we are focused and determined,” Dangote said.
The businessman said the refinery project was part of the group’s broader effort to contribute to Africa’s industrial development and reduce the continent’s dependence on imported energy products.
Energy Security Key to Industrialisation
Dangote said the group’s Vision 2030 agenda was designed to accelerate industrialisation across Africa, stressing that reliable energy supply was essential to achieving the objective.
“We have learned the hard way, and we cannot industrialise if we do not have the energy security,” he said.
He explained that the company had consequently made energy security a major component of its investment strategy in Nigeria while simultaneously expanding its industrial operations into other African countries.
Dangote disclosed that the group had announced expansion plans and investments in countries including Ethiopia, Kenya, Tanzania and Namibia, among others.
He said such investments were not only intended to grow the Dangote Group but could also encourage other African entrepreneurs to invest in the continent’s industrialisation.
Dangote Says Shares Will Be Open to All
Speaking on the proposed IPO, Dangote said the company intended to make ownership of the refinery accessible to investors without discrimination.
“There is no segregation on who can own the shares,” he said.
“We want every human being living on the continent to be part of this action.”
The planned public offering is expected to give investors an opportunity to acquire an ownership stake in one of Africa’s most significant industrial projects.
Refinery Expanding International Reach
Also speaking at the event, Chief Executive Officer of Dangote Refinery, David Bird, said the facility had developed beyond its role as a domestic supplier and was now serving customers in Nigeria, West Africa and international markets.
Bird described the refinery as a merchant refinery capable of supplying petroleum products to a broad range of markets.
He said the facility had significantly expanded its international reach, adding that it had become the largest supplier of jet fuel to Europe.
According to him, the refinery’s performance over the preceding six months had also helped cushion the effects of supply disruptions linked to conflicts in the Middle East and Ukraine.
Bird said the refinery’s ability to process different grades of crude oil gave it the flexibility required to serve multiple markets.
The 700,000-barrel-per-day facility is currently Africa’s largest refinery and ranks among the largest refineries globally.
Expansion to Be Completed by 2028
Bird disclosed that the planned expansion of the refinery had already passed significant stages, with the project sponsored, engineered and procured.
He explained that construction was now the major outstanding phase of the expansion programme.
“This is now just a construction exercise that we believe we can deliver by 2028 to make the Dangote refinery the largest integrated refinery and petrochemical complex on the planet,” Bird said.
The proposed expansion, if delivered as planned, would further increase the refinery’s capacity and strengthen its position in the global petroleum and petrochemical industry.
The development also forms part of Dangote Group’s broader ambition to establish Nigeria and other African countries as major players in global industrial production.
With the proposed IPO now moving into its preliminary stages, attention will increasingly focus on the structure of the share offering, the participation of investors and the progress of the refinery’s expansion programme.
For Nigeria, the development could further reinforce the country’s position as a major refining hub in Africa while potentially strengthening domestic petroleum supply and the country’s capacity to export refined products.
