Dangote expands refinery to 1.4m barrels daily, urges Nigerians to sell dollars amid bold refinery growth plans.
Africa’s richest man, Aliko Dangote, has advised Nigerians holding U.S. dollars to sell them rather than wait for future gains. He made the remark during a World Press Conference in Lagos, where he announced a major expansion of the Dangote Petroleum Refinery.
The refinery, initially designed to process 650,000 barrels per day, will now double its capacity to 1.4 million barrels per day, making it the largest refinery ever built in the world.
In addition to the expansion, Dangote revealed plans to boost polypropylene output from 900,000 metric tonnes to 2.4 million metric tonnes annually, alongside new capacities in linear alkylbenzene and base oils essential materials for industrial and consumer goods production.
Dangote reaffirmed his long-term commitment to Nigeria’s economic transformation, describing these developments as legacy investments that will shape the future of the nation and the continent.
“If I have dollars today, I would rather sell them than wait for the next month or so,” Dangote said, signaling growing optimism about the strength of the naira and the country’s improving economic outlook.
He also disclosed that Nigerians will soon be able to own part of the refinery, emphasizing that the project represents a shared national vision, not just a personal achievement.
Dangote extended his appreciation to President Bola Ahmed Tinubu (@officialABAT) for his continued support, commending the administration’s Renewed Hope Agenda, which encourages private-sector-driven growth and industrialization.
ALSO READ: BREAKING: 92-Year-Old Paul Biya Wins Controversial Eighth Term as Cameroon’s President
The expansion of the Dangote Refinery is expected to further reduce Nigeria’s dependence on imported petroleum products, strengthen local production capacity, and position the nation as a major global energy player.