Billionaire entrepreneur Femi Otedola has commended the plans of Aliko Dangote, President of Dangote Industries Limited, to expand the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million barrels per day. Otedola described the investment as a legacy that will benefit generations to come, not just Dangote, but Nigerians and Africans as a whole.
The expansion announcement was made by Dangote during a press conference in Lagos, where he cited emerging opportunities across Africa, growing regional demand for cleaner fuels, and Nigeria’s evolving policy environment as drivers for the decision. The refinery, which will become the largest in the world upon completion, will also increase its polypropylene output from 900,000 to 2.4 million metric tonnes annually and add new capacities in linear alkylbenzene and base oils.
Otedola praised Dangote’s commitment to investing in Nigeria and Africa, stating that the investment will outlive him and define generations. He also expressed gratitude to President Bola Tinubu for his support, acknowledging the private sector’s role in driving forward the Renewed Hope mandate to build a stronger, self-reliant Nigeria.
The expansion of the refinery is expected to have a significant impact on the Nigerian economy and the African continent as a whole. With the increased capacity, the refinery will be able to meet the growing demand for petroleum products in the region, reducing reliance on imports and creating jobs for Nigerians. Dangote has also announced that more than 85% of the workforce for the expanded refinery will be Nigerian, further emphasizing the project’s potential to benefit the local community.
The investment is a significant milestone in Nigeria’s efforts to increase its refining capacity and reduce its dependence on imported petroleum products. The country has long struggled with a lack of refining capacity, resulting in a reliance on imported fuel and a significant drain on its foreign exchange reserves. The expansion of the Dangote refinery is a major step towards addressing this issue and is expected to have a positive impact on the country’s economy and energy sector.