- NNPC aims to increase its stake in the Dangote Refinery to enhance Nigeria’s refining capacity.
- Dangote plans to increase output to 1.4 million barrels per day within three years.
Nigeria’s state-owned oil company, the Nigerian National Petroleum Company (NNPC) Limited, plans to increase its stake in the Dangote Refinery to 20%. The move aims to strengthen local refining and reduce the nation’s dependence on imported fuel.
Bayo Ojulari, NNPC’s Chief Executive Officer, revealed the plan at the 2025 Abu Dhabi International Petroleum Exhibition and Conference. He explained that the goal is to boost local participation in the energy value chain and ensure long-term energy security.
Additionally, Ojulari noted that NNPC is working closely with partners to finalise the acquisition. He added that a higher stake in the Dangote Refinery will give the company more control over domestic fuel production. Consequently, it will help stabilise the energy market and support economic resilience.
Meanwhile, George Elombi, President of the African Export-Import Bank (Afreximbank), confirmed that Aliko Dangote plans to raise $5 billion to fund the expansion of the refinery.
At a separate event in Lagos, Dangote announced that the refinery’s capacity would increase from 650,000 to 1.4 million barrels daily within three years. He explained that the expansion would be financed through internal revenue, fresh investments, and potentially a public listing.
Moreover, Dangote stated that the project reflects confidence in Nigeria’s economic future and Africa’s drive towards energy independence. Once completed, the refinery will become the world’s largest, surpassing India’s Jamnagar complex. It could also generate about $55 billion annually and strengthen Nigeria’s foreign exchange reserves.
In addition, Dangote revealed plans to list between 5% and 10% of the refinery’s shares on the Nigerian Exchange next year. This, he said, will allow both local and international investors to participate in Africa’s biggest industrial project.
For NNPC, increasing its equity aligns with its strategy to expand domestic refining and retain more oil wealth at home. Earlier this year, its gas subsidiary acquired a 15% stake in Starzs Gas Limited. Therefore, the company continues to demonstrate a growing commitment to local gas development and the pursuit of cleaner energy.
Ultimately, the collaboration between NNPC and Dangote signals a bold step towards energy security, industrial growth, and sustainable progress for Nigeria.