Femi Otedola says Dangote refinery may hit 1.4m bpd soon

Nigerian billionaire Femi Otedola has praised Aliko Dangote’s massive oil refinery near Lagos after a visit, saying in a social media post that the plant’s capacity could eventually rise to about 1.4 million barrels per day.

Otedola said he toured the Dangote Petroleum Refinery at the Lekki Free Trade Zone and left impressed by its scale and progress. He congratulated Dangote, describing him as a close friend, and said the refinery represents “history made,” a phrase supporters use to frame the project as a potential turning point for the country’s fuel future.

The refinery is designed for 650,000 barrels of crude per day at full capacity, already placing it among the world’s biggest single site refineries. Otedola’s reference to 1.4 million barrels suggests an ambition to expand well beyond the initial plan, a level that would put the complex in a rare class globally and deepen its potential influence over Nigeria’s supply of petrol, diesel and aviation fuel.

Dangote has promoted the project as an answer to a long running contradiction in Nigeria, an oil producing nation that has often relied on imports because domestic refining has struggled for decades. Supporters say a steady local supplier can reduce shortages, cut shipping and insurance costs baked into imports and ease pressure on foreign exchange.

Otedola’s endorsement matters in Nigeria’s business and policy circles. He built much of his reputation in energy before pivoting toward power generation and finance, and he remains one of the country’s most visible corporate figures. His remarks also echo a wider public desire for fuel stability after years of scarcity cycles that can quickly ripple into transport costs and food prices.

The refinery’s ramp up comes at a sensitive moment. Nigerians have faced higher living costs amid major reforms, including changes in fuel pricing and currency policy. Officials argue that increased domestic refining capacity could help stabilize supply and reduce the need for imported cargoes, even if pump prices still track global crude costs and local taxes.

Analysts caution that a large refinery does not automatically deliver cheaper fuel. Pricing depends on crude supply terms, operating costs, distribution and competition. Yet many see the Dangote project as an important test of whether Nigeria can keep more value from its oil industry at home.

Dangote, Africa’s richest man, built his fortune largely in cement and consumer staples before moving into refining. The Lekki project faced delays and cost overruns typical of mega projects, and the toughest phase now is consistent performance: steady crude intake, meeting product specifications, safe operations and dependable distribution.