…Pledges 65,000 jobs, fuel stability during Ember months
Africa’s richest man, Aliko Ɗangote, has announced an ambitious expansion of the Ɗangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd, a move that will make it the largest refinery in the world and create over 65,000 new jobs for Nigerians.
Speaking during a media briefing at the refinery complex in Lekki, Lagos, at the weekend, Ɗangote said the expansion reflects confidence in Nigeria’s industrial potential and supports President Bola Ahmed Tinubu’s drive for full domestic refining and export of petroleum products.
“We are expanding the Ɗangote Refinery from 650,000 to 1.4 million barrels per day. Upon completion, it will be the largest in the world. This expansion reflects our belief in Nigeria’s capacity to shape its own energy future”, Ɗangote declared.
He revealed that the second phase of construction will generate more than 65,000 direct and indirect jobs, with over 85% of the workforce being Nigerian – bolstering local participation and technical capacity. The refinery had already employed more than 50,000 Nigerians during its first phase.
The expansion, to be financed through operating cash flow, strategic minority investors, and a 2026 Initial Public Offering (IPO) that will list 10% of the refinery on the Nigerian Exchange, will enable the facility to surpass India’s Jamnagar Refinery (1.24 million bpd).
When completed, Nigeria will emerge as a global refining powerhouse and a key player in the energy market. Ɗangote also announced plans to establish a regional tank farm in Namibia, to supply fuel to Botswana, Zimbabwe, Zambia, and South Africa, further deepening Africa’s intra-continental energy integration.
Reiterating his commitment to fuel stability, Ɗangote assured Nigerians that there will be no petrol scarcity during the upcoming ember months, even as the Central Bank of Nigeria (CBN) confirmed injecting $1.25 billion into fuel imports in the first quarter of 2025 to stabilise supply.
“For the first time in many years, Nigerians can look forward to a Christmas and New Year free of fuel anxiety. The Ɗangote Refinery is fully committed to maintaining an uninterrupted petrol supply throughout the festive period”, he stated.
He noted that while global oil prices have risen by about 8% in recent days, domestic pump prices in Nigeria—between ₦800 and ₦900 per litre—remain among the lowest in the region, thanks to increased local refining. The refinery’s production of Euro VI-standard fuels, he added, has reduced the influx of substandard products into the country and helped stabilise the naira by curbing fuel import dependency.
With this landmark expansion, Nigeria stands poised to achieve energy self-sufficiency, boost employment, stabilise fuel prices, and strengthen its position as a leading force in the global oil and gas landscape.
