Africa’s richest man and owner of the continent’s largest refinery, Aliko Dangote, has outlined bold expansion plans beyond oil refining, cement, and fertiliser—including a 20,000MW power project.
This comes as the Dangote Refinery said it had not raised the gantry price of Premium Motor Spirit (PMS), also known as petrol, to support market stability.
Dangote disclosed the power initiative in an interview with the managing director of the International Finance Corporation, Makhtar Diop.
“We are now going into power… 20,000 megawatts,” he said in the interview published by CNBC Africa, noting Africa’s pressing needs for energy, fertilisers, and industrial inputs.
Although Dangote did not provide details on financing or timelines for the power project, a 20,000MW addition would significantly reshape Nigeria’s shaky power sector.
The country currently has an installed generation capacity of about 13,000MW, much of which is not consistently available due to infrastructure challenges.
“And the needs of Africa are petroleum products and fertilisers,” Dangote said. “Today, in about two and a half years, we will be the largest fertiliser company in the world. We are putting up 12 million tons of urea.
We are opening potash and phosphate mines in Congo and Brazil. We are building the biggest deep-sea port with an 18-meter draft. We are doing LNG.”
He added that his group aims to become the world’s largest fertiliser producer within two and a half years, with 12 million tons of urea capacity, alongside potash and phosphate mines in Congo and Brazil, a deep-sea port with an 18-meter draft, and LNG projects.
The expansions are fueled by strong cash flows and financial flexibility. “We are now actually free of assets, and we can actually raise more money. Our cash flow now is very, very strong,” Dangote said.
The announcements come amid rapid scaling of the 650,000-barrel-per-day Dangote Petroleum Refinery toward 1.4 million barrels per day.
A 20,000MW power addition would transform Nigeria’s power sector, which has an installed capacity of about 13,000MW—much of it unreliable due to infrastructure issues. The refinery reaffirmed its focus on high-quality petroleum products, price stability, and energy security, urging the public to rely on official statements for accurate information.
Separately, Dangote Petroleum Refinery and Petrochemicals Limited confirmed that its ex-depot price for PMS remains N1,275 per litre, absorbing cost pressures to promote energy affordability, moderate inflation, and ensure steady supply amid global uncertainties.
Meanwhile, the refinery said the price of petrol at the gantry remained unchanged at N1,275/litre.
The Refinery said that by sustaining its current prices, it is reaffirming its commitment to supporting stability in the domestic energy market and cushioning the wider economy against external shocks. By absorbing prevailing cost pressures, the refinery continues to help moderate inflationary risks, promote energy affordability, and ensure uninterrupted supply amid ongoing global uncertainties.
Dangote Refinery reaffirmed its dedication to the steady supply of high‑quality petroleum products to the Nigerian market, while supporting national objectives of price stability and energy security.
The public is urged to rely solely on official statements from Dangote Petroleum Refinery and Petrochemicals Limited for accurate and up‑to‑date information on its operations and pricing.
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