Nigerian Billionaire Aliko Dangote Announces Expansion of Lekki Oil Refinery
On Sunday, October 26, 2025, Nigerian billionaire Aliko Dangote announced the expansion of his Lekki oil refinery, located near Lagos, which will become the world's largest single-train refinery, with a capacity increase from 650,000 to 1.4 million barrels per day. The goal is to position Nigeria as a regional and global refining hub, capable of meeting domestic demand and exporting to Africa and internationally.
Expansion and Financing
This expansion, which adds to the initial $20 billion investment, will be financed through a combination of cash flow, a stock offering on the Nigerian stock exchange (with 5 to 10% of shares offered to the public), and partnerships with strategic investors, particularly from the Middle East.
Increased Production and Economic Impact
In addition to oil, the expansion will increase the production of polypropylene (from 900,000 to 2.4 million tons per year), base oils, and linear alkylbenzene, used in lubricants and detergents. Dangote emphasizes that the project reflects his confidence in Nigeria and Africa's potential, while contributing to the continent's energy independence.
Strategic Location and Export Capabilities
Located in a free zone near the deep-water port of Lekki, the refinery already exports its products to several African countries, as well as to the United States, Europe, and Brazil, and now provides an alternative to fuel imports, which have historically been necessary for Nigeria despite its oil production.
