Dangote refinery targets world’s largest status by 2028

Dangote Group Chief Executive Officer Aliko Dangote has announced plans to transform the Dangote Refinery into the world’s largest refinery by 2028.

The 700,000-barrel-per-day facility, located in Lagos State, is currently the largest refinery in Africa and the world’s largest single-train refinery.

Dangote made the announcement on Monday during the preliminary signing ceremony for the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.

The IPO involves 4.1 billion ordinary shares priced at N525 each and is expected to generate more than N2 trillion, according to Dangote.

He described the development as a major milestone for the company, Nigeria and Africa, stressing the refinery’s importance to the continent’s industrialisation.

Dangote said the project reflected his group’s Vision 2030 objective of accelerating Africa’s industrial growth, arguing that reliable energy supply was essential to achieving meaningful industrialisation.

He recalled that the refinery project faced several challenges during its development, including difficulties securing suitable land, which he said took about five years to resolve.

According to Dangote, the project also benefited from the confidence of financial institutions, which provided funding even before the refinery’s location and licensing had been finalised.

Refinery CEO David Bird also expressed confidence in the project’s future, noting that the facility has established itself as a major supplier of jet fuel to Europe.

Bird said completing the expansion would position the facility by 2028 as the world’s largest integrated refinery and petrochemical complex.

Dangote described the planned IPO as an “IPO for the people”, saying it was designed to give Nigerians and other Africans from different social and economic backgrounds an opportunity to own shares in the refinery.

He said the initiative was not solely intended to raise funds for expansion but also to broaden ownership by allowing employees, including drivers, cooks, managers and other workers, to acquire a stake in the business.

Dangote said the objective was to democratise ownership of the refinery and give people across the continent an opportunity to participate in its growth.