Dangote Group plans to increase output at its US$20bn Lekki refinery to about 1.4 million barrels per day within three years, the company has said.
- •The expansion would place the Lagos complex among the largest single-site refineries in the world.
- •The plan follows the plant’s initial ramp to its nameplate capacity of 650,000 barrels per day, which began after commercial production started in 2024.
- •To fund the expansion, the group will list between 5% and 10% of the refinery on the Nigerian Exchange, Chairman Aliko Dangote said in a statement.
The sale would introduce public ownership into an asset previously held privately.
In parallel, the company signed a $5 billion facility agreement with the African Export-Import Bank (Afreximbank) to co-finance the project, according to a joint announcement from both entities.
In early August, Dangote refinanced his industrial conglomerate with a US$ 4bn syndicated loan as he seeks to stabilise operations at his US$20bn refinery complex amidst plans to list the subsidiary.
The refinancing loan-one of the largest syndicated loans in recent African financial markets— included US$1.35bn from the African Export-Import Bank (Afreximbank).
The refinery is currently operating while continuing to ramp toward its initial 650,000 bpd capacity, company reports show.
Nigeria has historically relied on imported petrol and diesel due to under-utilization of its state-owned refineries. Increased domestic refining capacity is expected to reduce foreign exchange spent on fuel imports.
If the 1.4 million barrel per day target is met, the facility would play a central role in regional fuel supply, the company said.
