Africa’s richest man, Aliko Dangote, has shed light on why he chose to expand the production capacity of the Dangote Petroleum Refinery instead of purchasing the refineries owned by the Nigerian National Petroleum Company (NNPC) Limited.
Speaking during a recent interview in Lagos, Dangote explained that his decision was driven by the need for efficiency, modernization, and global competitiveness.
“The old refineries were built decades ago with outdated technology. Reviving them would require almost as much as building new ones — and yet, they wouldn’t deliver optimal output,” he said.
Dangote emphasized that his refinery project is designed to meet modern energy standards and position Nigeria as a net exporter of refined products, rather than depend on aging infrastructure.
“We are focused on building something new, world-class, and sustainable — a refinery that can compete globally and serve Africa for generations,” he added.
The billionaire industrialist’s refinery, located in Lekki, Lagos, is currently the largest in Africa and is set to increase its capacity from 650,000 barrels per day to 1.4 million barrels per day in its next development phase.
Industry experts say the move could reshape Africa’s energy landscape, reduce fuel importation, and strengthen Nigeria’s oil economy.