- President Bola Tinubu reaffirmed full support for Dangote Refinery’s expansion to 1.4 million barrels daily, calling it crucial for Nigeria’s energy security and regional growth.
- He said the government would back private investments that drive value addition and industrial growth in a deregulated petroleum market.
President Bola Tinubu has renewed his administration’s pledge to support the Dangote Refinery’s plan to expand capacity from 650,000 to 1.4 million barrels daily. He describes it as a transformative step for Nigeria and the African energy market.
Speaking through the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, at the 19th OTL Africa Downstream Conference and Exhibition in Lagos, Tinubu said the expansion would accelerate Nigeria’s drive towards energy self-sufficiency and strengthen fuel security across the continent.
He emphasised that his government would continue to back private sector investments that promote value addition and align with the administration’s push for a fully deregulated, competitive downstream sector.
“The Federal Government will stand firmly behind this expansion project,” Lokpobiri said on the President’s behalf. “Africa imported $120 billion worth of hydrocarbon resources last year. That proves the market exists, but with limited financial and distribution capacity, most of that value leaves the continent. Nigeria intends to reclaim a fair share.”
Describing Africa as the next frontier for energy growth, Lokpobiri urged African nations to leverage their oil and gas reserves for industrialisation rather than bow to external pressure to abandon fossil fuels.
He cited data from the International Energy Agency (IEA), which projects that the world must invest about $540 billion annually in oil and gas development until 2050 to avoid a supply crunch, a shift from earlier net-zero ambitions.
“This signals good news for Africa,” he said. “Oil and gas will still account for over half of global energy demand by 2050. Africa must position itself to benefit from that reality.”
Lokpobiri also hailed the removal of fuel subsidies, calling it a major policy shift that has unlocked investment opportunities across the petroleum value chain. He noted that allocations to the three tiers of government have risen to over ₦2.2 trillion monthly since deregulation, compared to about ₦500 billion previously, urging that the additional revenue be channelled into infrastructure and long-term growth.
Lagos State Governor Babajide Sanwo-Olu, represented by Commissioner for Energy and Mineral Resources, Biodun Ogunleye, commended OTL Africa for sustaining a platform that has shaped downstream policy and attracted investment for nearly two decades.
He described Lagos as a natural energy hub: “This enduring collaboration reinforces our city’s role as the energy and logistics capital of sub-Saharan Africa, a centre of innovation, enterprise, and strategic investment.”
Sanwo-Olu added that the state remains committed to clean energy growth through its Electricity Policy and Energy Transition Plan, designed to expand access, boost private participation, and showcase subnational leadership in Africa’s energy transition.