Aliko Dangote says the Dangote Petroleum Refinery and Petrochemicals is on track to become the biggest refinery on the planet by 2028.
Speaking on Monday at the preliminary signing for an Initial Public Offering of the refinery, the Dangote Group CEO called it a milestone for the company, for Nigeria, and for Africa. The facility already operates at 700,000 barrels per day. It is currently Africa’s largest refinery and the world’s largest single-train refinery. Dangote said the next expansion phase will push it to the top globally.
He recalled how the project started more than a decade ago. According to him, banks agreed to fund it even before they had seen the site or the operating licence. “Today also shows that nothing is impossible for us to achieve once we are focused and determined,” Dangote said.
Under its Vision 2030 plan, Dangote Group is shifting more investment into energy security, which he described as critical for industrializing Africa. Nigeria, he noted, is the continent’s powerhouse. The group has also announced expansion plans in Ethiopia, Kenya, Tanzania, Namibia and other countries, and says its investments are encouraging other African entrepreneurs to build.
Dangote added that the IPO will be open to everyone. “There is no segregation on who can own the shares. We want every human being living on the continent to be part of this action.”
David Bird, CEO of Dangote Refinery, said the plant now operates as a trading-led merchant refinery. It processes different crude grades and supplies multiple international markets. He highlighted that it is currently the largest supplier of jet fuel to Europe, and that output over the last six months helped cushion global supply shocks from conflicts in the Middle East and Ukraine.
Bird said the expansion to make it the world’s largest integrated refinery and petrochemical complex is fully sponsored, engineered and procured. The remaining work is construction, which the team expects to complete by 2028.
