Renowned businessman, Femi Otedola, has praised Africa’s richest man, Aliko Dangote, for his latest bold move to expand the Dangote Petroleum Refinery. The billionaire entrepreneur expressed his admiration after Dangote announced a major upgrade that will boost the refinery’s capacity from 650,000 barrels per day to an impressive 1.4 million barrels.
Otedola took to his official X handle to celebrate his long time friend, describing him as a symbol of pride for Africa.
He said Dangote’s announcement at a world press conference in Lagos marked a new chapter for Nigeria’s industrial development.
According to him, the refinery’s expansion will make it the largest ever built globally, setting a new record in the energy sector.
Applauding Dangote’s determination and foresight, Otedola described the project as a “legacy investment” that will continue to impact Africa long after its founder.
He noted that Dangote’s consistent drive to invest in Nigeria demonstrates his deep commitment to national progress and economic independence.
The business magnate also revealed that Nigerians will soon have the chance to own shares in the refinery, which he said reflects Dangote’s inclusive vision for shared prosperity.
Otedola added that such opportunities would empower citizens and further strengthen the nation’s private sector.
He went on to commend President Bola Tinubu for his support of private sector led development, stating that his encouragement continues to inspire major economic advancements under the Renewed Hope Agenda.
Meanwhile, Dangote confirmed that construction on the refinery’s expansion would commence soon, engaging over 65,000 workers, majority of whom will be Nigerians.
The billionaire also disclosed that power generation at the facility will increase from 500MW to 1,000MW, while fuel production will upgrade from Euro 5 to Euro 6 standards.
Dangote further revealed plans to list the refinery on the stock exchange by 2026, giving citizens a chance to become shareholders in what he described as a truly African success story. He projected that the expansion would be completed within three years.
