Nigerian billionaire and industrialist Aliko Dangote has announced plans to invest heavily in upstream oil production as his group pursues an ambitious expansion of its refining and energy businesses.

The move signals a broader strategy to strengthen the group’s position across the oil and gas value chain, from crude oil exploration and production to refining and the distribution of petroleum products.

Dangote’s upstream ambitions come as the group advances plans to commit more than $30 billion to expanding its refinery operations and other energy-related investments.

The proposed expansion includes increasing the processing capacity of the Dangote Petroleum Refinery in Lagos from its current 700,000 barrels per day to approximately 1.4 million barrels per day.

Expanding into upstream operations could also help the group secure more reliable crude oil supplies for its growing refining business, reducing its exposure to disruptions in the crude market.

Dangote has already begun establishing a presence in Nigeria’s upstream sector through its investment in oil assets. The company’s operations include interests in Oil Mining Leases 71 and 72, where production has commenced.

The group’s growing interest in exploration and production reflects the importance of securing feedstock as it increases its refining capacity.

Nigeria’s crude oil supply challenges have remained a major concern for domestic refiners, including the Dangote refinery, which requires substantial volumes of crude to operate efficiently.

Beyond Nigeria, Dangote Group is pursuing a wider African industrial expansion, with investments spanning refining, fertiliser, gas and other infrastructure projects.

The strategy is aimed at increasing local processing capacity, strengthening energy supply and expanding the group’s presence in African markets.