Dangote Refinery Could Propel Nigeria’s GDP to $600bn — Rewane

LAGOS — September 10, 2026 — The Managing Director of Financial Derivatives Company, Bismarck Rewane, has said the growing investment around the Dangote Petroleum Refinery and Petrochemicals could contribute significantly to Nigeria’s economic expansion and help propel the country’s Gross Domestic Product towards $600 billion.

Rewane spoke against the backdrop of Nigeria’s ongoing transition from a predominantly consumption-driven economy towards one increasingly supported by investment and domestic production.

He said sustained investment in productive sectors would be critical to accelerating economic growth, creating employment opportunities and improving living standards.

The development comes as the Dangote Refinery prepares for its landmark initial public offering, which is expected to broaden ownership of the industrial facility and provide additional capital for expansion.

The refinery is offering 4.1 billion shares at ₦525 each, potentially raising about ₦2.15 trillion through the public offer.

The investment is expected to support the company’s expansion plans while deepening participation in Nigeria’s capital market.

The refinery, located in Lagos, has already reached a processing capacity of 700,000 barrels per day, surpassing its original 650,000-barrel-per-day nameplate capacity.

Plans are also underway to expand capacity to about 1.4 million barrels per day, a move that would place the facility among the largest refineries globally.

Rewane’s assessment highlights the broader economic implications of such investments, particularly their potential to reduce Nigeria’s dependence on imported refined petroleum products and strengthen domestic industrial capacity.

The refinery has increasingly supplied the Nigerian market while also exporting petroleum products to other countries, supporting foreign exchange earnings and strengthening Nigeria’s position in the regional energy market.

Other speakers at the Lagos Economic Summit, where the economic outlook was discussed, also emphasised the importance of industrialisation and private-sector investment in achieving sustainable growth.

The Chief Executive Officer of the African Finance Corporation, Samaila Zubairu, praised large-scale investments such as those by Dangote, while economist Muda Yusuf described industrialisation as essential to Nigeria’s economic transformation.

The growing contribution of domestic industrial projects comes as the Federal Government pursues its ambition of building a $1 trillion Nigerian economy.

With increased refining capacity, petrochemical production, job creation and investment opportunities, the Dangote complex is expected to play an important role in supporting that ambition.

Rewane’s projection therefore places the refinery’s expansion and associated investment within the broader context of Nigeria’s efforts to move towards a more productive, investment-led economy.