Dangote Petroleum Refinery and Petrochemicals is planning a $14.3 billion expansion that would double the facility’s processing capacity as the company prepares to launch what is expected to be one of Africa’s largest initial public offerings.
The Lagos-based refinery currently has a processing capacity of 700,000 barrels per day. The planned expansion is expected to increase that capacity to 1.4 million barrels per day by 2029.
The expansion plans were announced as Dangote Refinery moved closer to its planned listing on the Nigerian stock market.
The company is seeking to raise about ₦2.15 trillion, equivalent to approximately $1.63 billion, through the offering. The IPO is expected to involve 4.1 billion shares priced at ₦525 each.
The offer is scheduled to open on September 14 and close on October 13, with trading expected to begin in late November, according to Reuters.
The planned offering would give retail investors an opportunity to acquire shares in the refinery, which began operations in 2024 after an estimated $20 billion investment in its construction.
Dangote Refinery has become an increasingly important part of Nigeria’s petroleum industry, with its operations aimed at increasing domestic refining capacity and reducing the country’s dependence on imported refined petroleum products.
The refinery has also benefited from increased access to crude oil and stronger production. Reuters reported that the facility secured at least 16 million barrels of Nigerian crude for delivery in October, equivalent to roughly 520,000 barrels per day and a substantial portion of its installed capacity.
The company reported a profit of $1.82 billion in the first half of 2026, compared with a $476 million loss recorded during the same period in 2025.
The expansion would make the facility one of the world’s largest single-site refineries and further increase the Dangote Group’s footprint in Africa’s energy sector.
The company also plans to use the capital raised through the IPO to support further infrastructure investments, including additional petroleum storage facilities and other energy projects.
The IPO comes at a significant time for Nigeria’s oil industry as the country seeks to increase domestic refining, strengthen energy security and expand its position in the regional petroleum market.