Dangote Refinery is set to become the world’s largest refinery within three years.

Aliko Dangote, who disclosed this while speaking to journalists, revealed that a second single-train unit will be constructed to expand the refinery from its current 650,000 barrels per day (bpd). capacity to 1.4 million bpd.

Why is Dangote refinery expanding?

Dangote said the expansion would address Africa’s growing fuel demand, reduce dependence on imports, and create 65,000 jobs.

He also revealed that plans are underway to build a regional tank farm in Namibia to serve neighbouring countries, including Botswana, Zimbabwe, Zambia, and South Africa.

Dangote said:

"We are expanding, upon completion, this will make it the largest refinery in the world, surpassing the Jamnagar Refinery in India.”

Africa's richest man said that the additional project would be funded through the refinery’s operating cash flow, strategic minority investors, and a planned initial public offering (IPO) in 2026.

He said:

“We will finance it through cash flow. We have good cash flow.

“We have one or two strategic investors that we are actually going to carry along. “When Africa builds its own capacity, it builds its own destiny.”

He added that 10% of the refinery would be listed on the Nigerian Exchange, with international listings considered secondary.

Africa Report stated that Dangote also encouraged holders of the other 30 refinery licences in Nigeria to join the effort to make the country the continent’s refining hub.

Benefits of Dangote refinery expansion

In a statement shared on X, Dangote Group listed the benefits of the refinery expansion to include foreign exchange savings, reduced import dependence, and energy security.

He also said that the expansion will create 65,000 construction jobs and open vast opportunities for local industries.

The statement said:

"The project will save billions in foreign exchange, reduce import dependence, and bolster Nigeria’s energy security.

"Polypropylene production will increase from 900,000 metric tonnes to 2.4 million metric tonnes per annum, further enriching the production of linear alkylbenzene a key ingredient for the production of detergent, and additional production of base oils."

Dangote also promised that 85% of the refinery workforce will be Nigerians while assuring that there will not be feul scarcity during the festive period.

He stated: "Dangote assured Nigerians of steady fuel supply during the ember months, despite global oil price spikes, ensuring a festive season free from fuel queues and price hikes."

World's largest refineries

Here is a breakdown of the largest refineries in the world.

1. Jamnagar Refinery, India: 1.24 million bpd

2. Paraguana Refinery Complex, Venezuela: 940,000 bpd

3. SK Energy Ulsan Complex, South Korea: 900,000 bpd

4. Yeosu Refinery, South Korea: 840,000 bpd

5. Ruwais Refinery, UAE: 827,000 bpd

6. Onsan Refinery, South Korea: 669,000 bpd

7. Dangote Refinery, Nigeria: 650,000 bpd (expanding to 1.4 million bpd)

8. Galveston Bay Refinery, USA: 631,000 bpd

9. Beaumont Refinery, USA: 630,000 bpd

10. Port Arthur Refinery, USA: 600,000 bpd