Aliko Dangote, Chairman of Dangote Group, has declared that the Dangote Petroleum Refinery and Petrochemicals will become the world’s largest refinery by 2028, riding on an expansion of its current 700,000 barrels-per-day capacity.
The billionaire industrialist made the disclosure on Monday during the preliminary signing ceremony for the refinery’s proposed initial public offering (IPO).
Dangote noted that the facility, already Africa’s largest refinery and the world’s largest single-train refinery, would secure the global top spot once its expansion plans are completed.
“As we gather today to witness the preliminary activities that will set in motion the initial public offering of the 700,000 barrels per day in the Dangote refinery and petrochemicals, the largest refinery in Africa, world’s largest single train, and soon to be the largest refinery by 2028 in the world history,” he said.
He described the IPO as a landmark moment for the company, Nigeria, and the African continent at large.
Banks Trusted Us Without Seeing the Licence — Dangote
Looking back on the refinery’s journey, which began over a decade ago, Dangote credited the project’s financiers for believing in the vision even before the site or operating licence had been secured.
“Today also shows that nothing is impossible for us to achieve once we are focused and determined,” he stated.
He tied the refinery’s success to the group’s Vision 2030 agenda, which prioritises accelerating industrialisation across Africa through improved energy security.
“We have learned the hard way, and we cannot industrialise if we do not have the energy security,” he added.
Dangote disclosed that the group has extended its industrial investments beyond Nigeria into Ethiopia, Kenya, Tanzania, Namibia, and other African nations, noting that this was inspiring other entrepreneurs to invest in the continent’s industrial growth.
On the planned public share sale, Dangote assured that ownership of the refinery would be open to all investors without restriction.
“There is no segregation on who can own the shares,” he said. “We want every human being living on the continent to be part of this action.”
Refinery Ranks Among World’s Top Five or Six — Refinery CEO
Also speaking at the event, David Bird, Chief Executive Officer of Dangote Refinery, said the facility currently operates as a merchant refinery serving both Nigeria and the wider West African market, while also supplying international markets — notably as the largest jet fuel supplier to Europe.
According to Bird, the refinery has recorded strong performance over the past six months, helping to offset global supply disruptions triggered by conflicts in the Middle East and Ukraine. He noted that the plant’s capacity to process various crude grades allows it to serve multiple international markets simultaneously.
He placed the refinery among the world’s five or six largest facilities currently, adding that the sponsorship, engineering, and procurement phases of the planned expansion have already been completed, leaving construction as the final major hurdle.
“This is now just a construction exercise that we believe we can deliver by 2028 to make the Dangote refinery the largest integrated refinery and petrochemical complex on the planet,” Bird said.
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