Edwin Devakumar, Vice President of Oil and Gas and Fertiliser at Dangote Industries Limited, told journalists at the Dangote Petroleum Refinery and Petrochemicals complex in Lagos on Friday 18 September 2026 that the facility plans to practically double its operational workforce while lifting processing capacity from 700,000 barrels per day to 1.4 million barrels per day by 2029.
The expansion forms part of a wider programme expected to cost around 14.3 billion dollars. Much of the funding will come from an initial public offering seeking roughly 2.2 trillion naira, equivalent to about 1.6 billion dollars, aimed largely at retail investors across Nigeria and the wider continent.
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The offer, which opened earlier in September, carries a minimum subscription of ten shares at 525 naira each and includes a greenshoe option for up to 30 per cent more shares if demand exceeds expectations.
“Within the refinery, the workforce will practically become double, except in the water treatment section, because there we already have substantial capacity,” Devakumar said.
He added that growth in the transport segment is unlikely to match the same scale unless domestic demand for petrol and diesel rises markedly, something the company does not anticipate in the near term.
The refinery, which began operations in 2024 after a construction cost of approximately 20 billion dollars, has already reshaped Nigeria’s fuel supply and emerged as a notable exporter of products including jet fuel to African and European markets.
Company disclosures linked to the IPO show the plant recorded an after-tax profit of 1.82 billion dollars in the first half of 2026 following a loss the previous year.
Aliko Dangote, President of Dangote Industries Limited, has described the share sale as a “people’s IPO” intended to give ordinary citizens and the diaspora a stake in the asset.
The company is pursuing a primary listing in Lagos and is exploring further listings on other African exchanges, with a possible United States listing under consideration several years after the expansion is complete.
Earlier statements from the group indicated that peak construction activity for the capacity increase could involve tens of thousands of skilled workers.
The second phase is expected to benefit from existing infrastructure such as the port and quarry facilities, allowing lower costs and faster progress than the original build.
While the plans signal strong confidence in long-term demand and export opportunities, the measured approach to certain support functions reflects a realistic view of domestic consumption trends.
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The project continues to attract close attention as one of Africa’s most significant industrial undertakings.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
