President Bola Ahmed Tinubu has expressed full support for the Dangote Refinery’s plan to expand its production capacity from 650,000 barrels per day to 1.4 million barrels per day.
Speaking at the 19th edition of the OTL Africa Downstream Conference and Exhibition in Lagos, Tinubu — represented by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri — described the expansion as a transformative project for Nigeria, West Africa, and the global energy market.
He noted that the move would not only enhance Nigeria’s self-sufficiency in refined petroleum products but also strengthen energy distribution across the continent.
“Data has shown that Africa has enough markets. By 2024, the continent imported about $120 billion worth of hydrocarbon resources. Because of limited financial capacity and infrastructure, most of that money goes back to countries outside Africa. For Nigeria, our goal is to reclaim a proportion of that value,” the President said.
Tinubu reaffirmed his administration’s commitment to supporting private sector investments that drive industrial growth, create jobs, and boost foreign exchange earnings.
Dangote Group President, Aliko Dangote, had earlier revealed plans to expand the refinery to 1.4 million barrels per day, positioning it as one of the largest refining complexes in the world.
