Otedola Hails Dangote Over Refinery Expansion to 1.4 Million Barrels Per Day

Business magnate Femi Otedola has praised his longtime friend and Africa’s richest man, Aliko Dangote, for the ambitious expansion of the Dangote Petroleum Refinery.

In a post shared via his X handle on Sunday, Otedola celebrated the refinery’s planned capacity increase from 650,000 to 1.4 million barrels per day, describing it as a historic milestone for Africa’s industrial growth.

“My brother and Africa’s pride, @AlikoDangote, addressed a world press conference in Lagos where he announced the expansion of the Dangote Petroleum Refinery to 1.4 million barrels per day from 650,000 barrels. This makes it the largest refinery ever built in the world,” Otedola wrote.

He commended Dangote’s visionary leadership and unwavering commitment to Africa’s economic development, saying his investments would leave a lasting legacy for generations.

“Aliko’s relentless commitment to investing in Nigeria and Africa will outlive him. These are legacy investments that will define generations. Soon, Nigerians will own part of this refinery—a powerful reminder that this vision is for all Nigerians and Africans,” he added.

Otedola also expressed appreciation to President Bola Tinubu for his support of private-sector initiatives advancing the Renewed Hope agenda toward a stronger, self-reliant Nigeria.

Earlier, Dangote announced during a press briefing in Lagos that construction work for the refinery’s expansion would commence immediately.

He said, “We are expanding the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million barrels per day. Upon completion, it will become the largest refinery in the world, surpassing the Jamnagar Refinery in India.”

Dangote disclosed that 65,000 workers would be engaged for the construction, with 85 percent of them being Nigerians. He also revealed that the refinery’s power generation capacity would double from 500MW to 1,000MW, and fuel production would upgrade to Euro 6 standard.

He added that the refinery would be listed on the Nigerian Stock Exchange in 2026 to enable Nigerians to become shareholders, with the expansion expected to be completed within three years.