Dangote eyes world’s largest refinery by 2028

Nkereuwem Effiong

Aliko Dangote has unveiled plans to make the Dangote Petroleum Refinery and Petrochemicals complex the world’s largest refinery by 2028, building on its position as Africa’s largest refining facility.

Speaking on Monday at the preliminary signing ceremony for the refinery’s proposed initial public offering (IPO), Dangote said the expansion aligns with the group’s long-standing ambition to accelerate Africa’s industrialisation through greater energy security.

The IPO will offer 4.1 billion ordinary shares at ₦525 each, with the company aiming to raise just over ₦2 trillion. The minimum subscription is set at 10 shares.

Describing the event as a landmark moment for Nigeria and Africa, Dangote said the refinery had already achieved several milestones.

“As we begin the process leading to the IPO of the 700,000 barrels-per-day Dangote Refinery and Petrochemicals, we are building on what is already Africa’s largest refinery and the world’s largest single-train refinery,” he said. “Our ambition is to make it the largest refinery in the world by 2028.”

Dangote argued that reliable energy supplies are essential to economic transformation across the continent.

“We have learned that meaningful industrialisation cannot happen without energy security. With focus and determination, we have shown that seemingly impossible projects can be achieved,” he said.

Reflecting on the refinery’s development, Dangote credited financial institutions that backed the project in its early stages, before a site had been secured or regulatory approvals obtained. He also recalled years of challenges in identifying a suitable location for the plant.

The refinery’s Chief Executive Officer, David Bird, said the facility had already demonstrated the quality of its products and remained a major supplier of jet fuel to Europe.

He said the next phase of expansion would transform the project into what the company expects to be the world’s largest integrated refinery and petrochemicals complex by 2028.

Dangote also described the IPO as an opportunity for ordinary Africans to participate directly in the refinery’s growth.

He said the offer was designed to broaden ownership beyond institutional investors, allowing people from all backgrounds to acquire a stake in the business.

“This is an IPO for the people,” he said. “We want everyone, regardless of social class or profession, to have the opportunity to own shares in the refinery and share in its future success.”