Dangote refinery targets world’s largest by 2028

Aliko Dangote, CEO of the Dangote Group, has announced his goal to make the Dangote refinery the world's largest by 2028. The refinery, currently located in Lagos State and producing 700,000 barrels of oil per day, is currently Africa's largest. Dangote made this announcement during the preliminary signing ceremony for the company's proposed initial public offering (IPO).

The IPO will see the company issue 4.1 billion ordinary shares at N525 each, raising over N2tn for the business. Dangote stated that the IPO would mark a significant milestone for the company and for Nigerians and Africans as a whole. He emphasized the importance of energy security for industrialization and noted that the project began with bankers providing financial backing even before the refinery's location or license was secured.

Dangote also highlighted the IPO as an opportunity for everyone, regardless of social class, to own shares in the refinery. The refinery's CEO, David Bird, confirmed that the Dangote refinery remains the largest jet fuel supplier to Europe, further demonstrating the refinery's world-class quality.