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Aliko Dangote, Africa’s richest man and chairman of the Dangote Group, is reportedly planning to sell a 10% stake in the $20 billion Dangote Refinery to strategic investors as part of efforts to scale operations and boost production capacity to 1.4 million barrels per day.
The refinery, located in the Lekki Free Zone, Lagos, began partial operations in early 2024 and is one of the largest single-train refineries in the world. The proposed sale, according to industry insiders, is designed to attract global partners with strong technical experience and financial capacity to help achieve the refinery’s full output potential.
Currently, the facility refines about 350,000 barrels per day, with output expected to grow significantly as new production phases are completed. The refinery has already begun producing diesel and aviation fuel, with gasoline output projected to follow soon.
Dangote has stated in previous interviews that the project aims to make Nigeria self-sufficient in refined petroleum products and to transform the country into a major exporter of fuel across Africa and beyond. The refinery is also expected to drastically cut import bills and reduce the strain on Nigeria’s foreign exchange reserves.
Experts say the 10% equity sale could bring in global oil majors or state-backed investors looking to secure long-term refining partnerships in Africa’s largest economy. The partnership would also strengthen technology transfer, improve supply chain integration, and support local job creation.
Beyond Nigeria, the Dangote Refinery has drawn global attention for its scale and ambition. Analysts believe that once it reaches full capacity, it could account for over 10% of Africa’s total refining output, shifting trade flows and lowering regional dependence on imported fuel.
If the stake sale goes through, it would mark another milestone in Dangote’s decades-long effort to industrialize Africa through large-scale investments in manufacturing, energy, and infrastructure.
The refinery, located in the Lekki Free Zone, Lagos, began partial operations in early 2024 and is one of the largest single-train refineries in the world. The proposed sale, according to industry insiders, is designed to attract global partners with strong technical experience and financial capacity to help achieve the refinery’s full output potential.
Currently, the facility refines about 350,000 barrels per day, with output expected to grow significantly as new production phases are completed. The refinery has already begun producing diesel and aviation fuel, with gasoline output projected to follow soon.
Dangote has stated in previous interviews that the project aims to make Nigeria self-sufficient in refined petroleum products and to transform the country into a major exporter of fuel across Africa and beyond. The refinery is also expected to drastically cut import bills and reduce the strain on Nigeria’s foreign exchange reserves.
Experts say the 10% equity sale could bring in global oil majors or state-backed investors looking to secure long-term refining partnerships in Africa’s largest economy. The partnership would also strengthen technology transfer, improve supply chain integration, and support local job creation.
Beyond Nigeria, the Dangote Refinery has drawn global attention for its scale and ambition. Analysts believe that once it reaches full capacity, it could account for over 10% of Africa’s total refining output, shifting trade flows and lowering regional dependence on imported fuel.
If the stake sale goes through, it would mark another milestone in Dangote’s decades-long effort to industrialize Africa through large-scale investments in manufacturing, energy, and infrastructure.