The funding will support plans to more than double the refinery’s capacity and expand operations into East Africa.

Lagos, Nigeria (Running Africa) — Dangote Petroleum Refinery has secured $2.5 billion in private investment to accelerate a major expansion that could transform Africa’s energy landscape, with the company describing the financing as the largest publicly disclosed private investment in Africa.

The landmark deal gives private investors an ownership stake in the 650,000-barrel-per-day refinery, currently the largest oil refinery on the continent, as founder Aliko Dangote pursues plans to significantly increase production capacity and reduce Africa’s dependence on imported fuel.

Largest Private Investment in Africa

The new capital marks a significant milestone for the refinery, which began commercial operations two years ago and has become central to Nigeria’s ambitions of achieving greater energy independence.

Until now, the Nigerian National Petroleum Company Limited (NNPCL) had been the refinery’s only external shareholder, holding a 7.2% stake.

The latest investment broadens the refinery’s ownership structure while providing additional funding to support its long-term growth strategy.

Aliko Dangote Targets World’s Largest Refinery

Africa’s richest businessman, Aliko Dangote, said the fresh funding will complement the company’s internal cash flow and existing financing arrangements as it embarks on an ambitious expansion program.

The company plans to increase the refinery’s processing capacity from 650,000 barrels per day to 1.4 million barrels per day.

If completed, the expansion would make the Dangote Refinery the world’s largest refinery, surpassing India’s Jamnagar Refinery, currently the global leader in refining capacity.

Expansion Into East Africa

Beyond Nigeria, Dangote is also advancing plans to expand its refining footprint across the continent.

The company intends to develop a 700,000-barrel-per-day refinery in Lamu, Kenya, strengthening its presence in East Africa and supporting regional fuel production.

The proposed facility forms part of Dangote’s broader strategy to build integrated energy infrastructure capable of meeting Africa’s rapidly growing demand for refined petroleum products.

Reducing Africa’s Dependence on Imported Fuel

According to the Africa Finance Corporation (AFC), Africa imports more than 70% of its refined petroleum products each year, leaving many countries vulnerable to global supply disruptions and price volatility.

Dangote said expanding refining capacity across the continent is essential to improving Africa’s energy security, lowering import dependence and strengthening domestic industrial development.

The refinery’s expansion is expected to increase the availability of petrol, diesel, aviation fuel and other refined products while supporting regional trade under the African Continental Free Trade Area (AfCFTA).

A Major Step for Africa’s Energy Future

The $2.5 billion investment underscores growing investor confidence in Africa’s industrial and energy sectors and reinforces the strategic importance of the Dangote Refinery to the continent’s economic development.

As production capacity expands and new projects emerge in Nigeria and Kenya, the company aims to position Africa as a more self-sufficient energy producer while reducing reliance on imported fuels and strengthening long-term energy resilience.