The Chairman of Geregu Power and First HoldCo, Femi Otedola, has expressed optimism that ongoing investments by Dangote Group founder, Aliko Dangote, will reshape Nigeria’s energy and industrial sectors.
Otedola, who attended Dangote’s press conference in Lagos on Sunday, described the industrialist as “a brother and Africa’s pride,” adding that his projects represent legacy investments designed to outlive their founder.
“Aliko’s relentless commitment to investing in Nigeria and Africa will outlive him as these are legacy investments that will define generations,” Otedola said in a post shared via X. “Soon, Nigerians will own part of this refinery, a powerful reminder that this vision is not just for Dangote but for all Nigerians and Africans.”
The remarks came as Dangote outlined an ambitious three-year expansion plan for his $20 billion petroleum refinery, which currently has a production capacity of 650,000 barrels per day. Dangote confirmed that output will be expanded to 1.4 million barrels per day, making it the largest refinery of its kind globally.
According to Otedola, the refinery’s planned growth, along with new product lines, reflects a bold step toward Africa’s energy self-sufficiency. He noted that the expansion also includes increased polypropylene output from 900,000 to 2.4 million metric tonnes annually, along with new capacities for linear alkylbenzene and base oils.
During the conference, Dangote expressed appreciation to President Bola Tinubu for his continued encouragement, describing the refinery’s growth as a private-sector contribution to the administration’s Renewed Hope agenda.
Dangote reaffirmed his confidence in Nigeria’s economic leadership and Africa’s capacity to chart its own energy path. “The expansion plan reflects our belief in Africa, our confidence in Nigeria, in the leadership of President Tinubu, and in our capacity to shape our own energy future,” he said.
With Otedola’s endorsement and the refinery’s upcoming scale-up, industry analysts believe the project will significantly strengthen Nigeria’s energy independence, improve local refining capacity, and enhance export potential across Africa.
