Africa’s richest man, Aliko Dangote, is reportedly seeking an additional $5 billion to expand his multi-billion-dollar refinery in Lagos, a move expected to double output and significantly lower fuel costs across West Africa.
The new president of the African Export-Import Bank (Afreximbank), George Elombi, revealed the plan during his inaugural ceremony in Cairo, Egypt, over the weekend. Elombi said Dangote personally informed him of his intention to raise the funds and that the bank would explore all available means to secure the financing.
According to Elombi, the expansion could cut fuel prices by up to 50% and transform energy supply across the region. “We will look for the funds wherever possible because this project will change the landscape of fuel supply in Nigeria and neighbouring countries,” he stated.
The $20 billion refinery, which began operations earlier this year, was largely financed by Afreximbank and has been hailed as a major step toward Nigeria’s energy independence. With a current capacity of 650,000 barrels per day, the planned expansion could make it one of the largest refining facilities in the world.
Elombi praised Dangote’s vision, saying the refinery’s next phase aligns with the bank’s broader goal of supporting Africa’s industrialisation and value-added production. He also reaffirmed Afreximbank’s commitment to helping African nations move beyond raw material exports.
During his remarks, Elombi outlined his ambition to grow the bank’s balance sheet to $250 billion within the next decade, emphasising the need for bold financing to drive economic transformation across the continent.
Dangote, who also spoke at the event, congratulated Elombi on his appointment and pledged the full support of the Dangote Group. He commended the bank’s role in funding key infrastructure projects across Africa, including the initial financing of his refinery complex.
Earlier this year, Afreximbank had arranged a $1.35 billion facility as part of a larger $4 billion syndicated loan to support Dangote Industries Limited. The financing helped refinance costs from the refinery’s construction and strengthen the company’s balance sheet.
Industry analysts say the planned expansion marks another major step in Dangote’s long-term strategy to make Nigeria self-sufficient in fuel production while boosting regional trade through the African Continental Free Trade Area (AfCFTA).
If successful, the project could redefine Africa’s refining capacity and further reduce the continent’s reliance on imported petroleum products.
