Dangote opts for expansion over buying government refineries
Aliko Dangote, President of the Dangote Group, has declined to acquire Nigeria's idle government-owned refineries, opting instead to expand the capacity of his Lekki refinery from 650,000 barrels per day to 1.4 million bpd. Dangote expressed concerns about being accused of creating a monopoly and suggested that other wealthy Nigerians and groups, such as the Depot and Petroleum Products Marketers Association of Nigeria, should consider purchasing the government refineries or investing in new ones.Dangote revealed that President Bola Tinubu has assured him of the federal government's support for the petroleum sector, particularly through the supply of crude oil. He emphasized the importance of collaboration to achieve a $1 trillion economy and encouraged others to invest in the sector.
The Dangote Refinery, a $20 billion facility, is being expanded to double its capacity, and Dangote believes this will help meet the country's petroleum needs. He had previously stated that the NNPC refineries might never become operational again due to the $18 billion spent on their rehabilitation without success.
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