Dangote Refinery Aims for World’s Largest by 2028

Aliko Dangote, Chief Executive Officer of Dangote Group, announced plans to make the Dangote refinery the largest in the world by 2028 during the preliminary signing ceremony for the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals. The refinery, located in Lagos State, currently processes 700,000 barrels per day, making it Africa's largest.

The IPO will consist of 4.1 billion ordinary shares priced at N525 each, aiming to raise over N2 trillion. Dangote emphasized the significance of this milestone for Nigeria and Africa, linking the energy sector to industrialization.

He noted the challenges faced in establishing the refinery's location and securing financial backing from banks even before obtaining a license. David Bird, CEO of the refinery, reiterated the commitment to delivering a world-class product, highlighting the refinery's status as the largest jet fuel supplier to Europe.

Dangote described the IPO as an opportunity for all Nigerians to invest in the refinery's future.