Nigeria Needs $92bn for Refining Investments by 2050

According to OPEC, Nigeria and other African nations will need approximately $92 billion in refining investments through 2050 to meet increasing fuel demand and strengthen energy security while reducing dependence on imported petroleum products. The report identifies Nigeria and Angola as principal drivers of the next wave of refining expansion in Africa.

Notably, the Dangote Refinery, with a proposed capacity of 200,000 barrels per day, and the Akwa Ibom refinery project developed by BUA Group are highlighted as critical to this expansion. By 2030, $25 billion is expected to be invested in refining projects, with an additional $67 billion for new refinery projects.

OPEC's outlook emphasizes the importance of expanding refining capacity across Africa, with Nigeria and Angola anticipated to lead this growth. The Dangote Refinery is projected to reach full operational capacity by February 2026, making it the largest single-train refinery globally.