Nigeria's Dangote refinery has unveiled plans to invest USD14.3bn to double its crude processing capacity from 700 kb/d to 1.4 mb/d by 2029, according to documents released as part of its initial public offering (IPO). The IPO aims to raise around NGN2,150bn (USD1.6bn) and is expected to be Africa's largest public offering to date.
The refinery, which started operations in 2024 and was built at a cost of about USD20bn, has become a major supplier of refined products to African and European markets, particularly jet fuel.
The company also indicated that several investors have expressed interest in participating in the project, including ADNOC, while Dangote Group continues to pursue international expansion plans, notably a refinery project on Kenya's coast.
Thanks to the Dangote refinery, Nigeria’s oil product output doubled in 2025 according to Enerdata's Global Energy and CO2 data (GED) database, reaching 510 kb/d, with 41% of aviation fuels, 31% of motor gasoline, and 19% of diesel. Around half of the output was exported.