Dangote targets world’s largest refinery by 2028

Aliko Dangote says his refinery in Lagos State will become the world’s largest by 2028, setting a new target for a project he described as central to Africa’s industrialisation.

The 700,000-barrel-per-day facility is already Africa’s largest refinery and the world’s largest single-train refinery, according to Dangote. He announced the ambition on Monday at the preliminary signing ceremony for the proposed initial public offering of Dangote Petroleum Refinery and Petrochemicals.

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Today marks a significant milestone for us as not just a company, but as Nigerians and also Africans.

The IPO will offer 4.1 billion ordinary shares at 525 naira each and is expected to raise just over 2 trillion naira. The minimum subscription will be 10 shares. Dangote described the offering as an opportunity for people from all social classes to own part of the refinery.

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We have learned the hard way, and we cannot industrialise if we do not have the energy security.

“Today marks a significant milestone for us as not just a company, but as Nigerians and also Africans,” Dangote said. He linked the project to energy security, saying, “We have learned the hard way, and we cannot industrialise if we do not have the energy security.”

Dangote said bankers backed the project before the company had chosen a site or obtained a refinery licence. He also recalled that the search for suitable land took five years and involved several setbacks. David Bird, the refinery’s chief executive, said the facility remains Europe’s largest jet-fuel supplier and that construction work could deliver the larger integrated refinery and petrochemical complex by 2028.

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No better time than right now can we demonstrate the world class quality of our products because we are the largest jet fuel supplier into Europe.