Dangote Refinery to Double Workforce and Capacity to 1.4m bpd by 2029
By Aboki Forex —
Dangote Petroleum Refinery and Petrochemicals FZE plans to double its workforce as it pushes processing capacity from 700,000 barrels per day to 1.4 million barrels per day by 2029. The expansion will be funded by a N2.2 trillion initial public offering, about $1.6 billion, that the company is targeting at retail investors.
Edwin Devakumar, Vice President of Oil & Gas and Fertiliser at Dangote Industries Limited, disclosed the workforce plan to journalists during a visit to the refinery in Lagos on Friday, September 18, 2026.
Where the jobs will come from
Devakumar said the refinery's headcount would practically double as operations expand, but not every unit will hire at the same pace. Water treatment, he said, already has enough capacity to absorb the bigger volumes.
“Within the refinery, the workforce will practically become double, except in the water treatment section, because there we already have substantial capacity,” he said.
He also played down expectations for the transport segment, noting that domestic demand for refined products is not expected to jump sharply in the near term.
“Obviously, we don't expect a substantial increase in the consumption of petrol and diesel within the country in the short term,” Devakumar added.
The N2.2 trillion IPO
The share sale, which Aliko Dangote has described as “the people's IPO,” comes with a minimum subscription of 10 shares valued at N5,250. The offer is built to pull in a wide spread of investors, from traders and drivers to cooks and corporate executives.
Dangote said the aim is to let people across Africa own a stake in the refinery, with Nigeria's fintech infrastructure expected to make participation easier for small investors.
The offer also carries a greenshoe option, which allows the company to issue up to 30% of excess shares if the IPO is oversubscribed. Dangote Refinery is pursuing a primary listing in Lagos and is weighing listings on other African exchanges, including Johannesburg and Nairobi.
A listing outside Africa, most likely in the United States, is also under consideration and could happen within three to four years.
What it means for Nigerian investors
The N2.2 trillion raise would be one of the largest capital market events in Nigeria if it lands. For the naira, a successful dollar-linked listing and the refinery's rising processing capacity feed into the same story: less reliance on imported refined products and a stronger domestic industrial base.
For small investors, the N5,250 entry point keeps the offer within reach of retail buyers who have rarely had a shot at a refinery stake. The real test will be whether the promised capacity, jobs and dividends follow the money.