Business:
Dangote Refinery Shows What African Govts, Investors, Financial Institutions Can Do Together — President Ruto
In February 2026, the facility became the world’s largest single-train refinery and Africa’s biggest refining complex when it reached its full processing capacity of 650,000 barrels of crude oil per day.
President of Kenya, William Ruto, inspects the Dangote Petroleum Refinery and Petrochemicals FZE in Lekki, Lagos, on September 25, 2026. (Photo by X/@WilliamsRuto)
President of Kenya, William Ruto, has described the Dangote Petroleum Refinery and Petrochemicals FZE as a huge achievement that shows what African governments, investors and financial institutions can do together.
Ruto stated this after touring the refinery in Lekki, Lagos State, on Friday.
“The refinery in Nigeria is a massive investment with a crude oil refining capacity of 700,000 barrels a day and produces more than 100 million litres of petrol, diesel and aviation fuel every day,” he stated on his official X handle.
“The company has built 120km of sea cables to move crude from ships to the refinery. This huge achievement is a testament of what African governments, investors and financial institutions can do together.”
William Ruto
Kenya President William Ruto (2nd-R) and President of the Dangote Group, Aliko Dangote (3rd-L) at Dangote Refinery (X/@WilliamsRuto)
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Ruto, however, said that the construction of the refinery, which would be launched in Kenya next week, would be bigger and create 60,000 jobs.
“It will transform the petroleum sector in our country and region, providing fuel reliability and security, scaling up industrialisation and creating 60,000 jobs.
“When the refinery is completed, spin off industries will emerge, including the production of fertilisers, chemicals, and packaging,” he added.
Located in the Lekki Free Trade Zone, the refinery was inaugurated in May 2023 after nearly a decade of construction and an investment of approximately $20 billion.
In February 2026, the facility became the world’s largest single-train refinery and Africa’s biggest refining complex when it reached its full processing capacity of 650,000 barrels of crude oil per day.
Earlier in September, the refinery offered for subscription a total of 4.1 billion ordinary shares will be offered at ₦525 per share, with the company seeking to raise about ₦2.2tn from investors.
Dangote IPO
Front row: Group Chairman of Nigeria Exchange Group, Umaru Kwairanga; Group Executive Director, Dangote Industries Limited, Halima Aliko Dangote; President of Dangote Group, Aliko Dangote; Group Executive Director, Dangote Industries Limited, Maria Dangote, and Governor Babajide Sanwo-Olu of Lagos State at the gong-sounding ceremony of the Dangote Petroleum Refinery and Petrochemicals FZE IPO on the floor of the NGX on September 14, 2026. (Credit: Channels TV)
It fixed the minimum subscription for its Initial Public Offering (IPO) at 10 ordinary shares, equivalent to ₦5,250.
