Nigeria’s state-owned oil company, Nigerian National Petroleum Company (NNPC) Limited, plans to increase its stake in Aliko Dangote’s $20 billion Dangote Petroleum Refinery to 20%.
This move aims to secure more control in Nigeria’s refining industry and reduce reliance on imported fuel.
NNPC’s CEO, Bayo Ojulari, disclosed the plan at the 2025 Abu Dhabi International Petroleum Exhibition and Conference, citing the goal of deepening local participation in the energy value chain and supporting long-term energy security.
The Dangote refinery, currently processing 650,000 barrels per day, is expected to expand its capacity to 1.4 million barrels per day within three years.
This expansion, valued at billions of dollars, will be financed through internal revenue, potential public listing, and fresh investment from partners.
When completed, the enlarged refinery would become the largest in the world, generating an estimated $55 billion in annual revenue and strengthening Nigeria’s foreign exchange reserves by cutting fuel imports.
Dangote confirmed that between five and ten percent of the refinery’s shares will be listed on the Nigerian Exchange next year, allowing investors to buy into one of Africa’s biggest energy projects.
NNPC’s decision to raise its equity position marks another step in its broader plan to boost local refining and keep more of the nation’s oil wealth within its borders.
