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President of the Dangote Group, Alhaji Aliko Dangote, has revealed that the planned expansion of the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd will be financed through the company’s cash flow and strategic investors. Speaking at a press briefing in Lagos on Sunday, Dangote explained that the expansion work, which is set to commence immediately, would be carried out in phases and completed within three years. He revealed that, “The expansion is expected to be completed in three years,” he said. “Sometimes next year (2026), we should be at 700,000 bpd and the balance will be in phases.” Speaking on how the expansion will be financed, he said, “Yes, we will be financing through cash flow. We also have strategic investors that we are going to carry along with us. So that is how we are going to finance it.” According to him, the project will not only make the refinery the largest in the world upon completion, surpassing India’s Jamnagar Refinery, but will also significantly enhance Nigeria’s refining capacity and create about 65,000 jobs, 85 per cent of which will go to Nigerians. ALSO READ: FG promises conducive environment for private energy investors Dangote said the refinery would also upgrade its production to Euro VI fuel standards to meet the highest global environmental benchmarks. “With this expansion, the refinery transitions from producing Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks,” he stated. He further noted that the facility’s power generation capacity would be increased from 500 megawatts to 1,000 megawatts to support the project. Dangote also disclosed plans to list the refinery on the Nigerian Stock Exchange in 2026, giving Nigerians an opportunity to own shares in the multi-billion-dollar facility. He also expressed appreciation to President Bola Tinubu for his continued support. ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE
