Dangote Group President Aliko Dangote is leveraging the success of his 650,000 barrels-per-day refinery and petrochemical plant in Nigeria to advance discussions with Angolan President João Lourenço about building a new refinery in Southern Africa.
The Dangote Refinery and Petrochemical Plant, located at the Lekki Free Trade Zone in Lagos State, is the world’s largest single-train refinery and has already made a significant impact on the African energy sector since it began operations.
By reducing Nigeria’s reliance on fuel imports, which cost Africa approximately $17 billion annually, the refinery has positioned Nigeria as a refining hub for West Africa.
The facility’s increasing importance to the Nigerian National Petroleum Company Limited (NNPCL) and regional oil traders is reshaping fuel import patterns, reducing Europe’s long-standing dominance in the West African market.
European refineries, already struggling with declining refining margins, now face further pressure as they lose key markets to Dangote’s refinery.
Building on this success, Dangote led a high-level delegation to meet with Angolan President Lourenço in Luanda last week.
The meeting focused on Dangote’s potential involvement in a new refinery project, cement factories, and the acquisition of offshore and onshore oil blocks in Angola.
President Lourenço also encouraged Dangote to consider investments in Angola’s agricultural sector.
Angola has been actively seeking investment for its 200,000-barrel-per-day Lobito Refinery, which is currently open for bids following the launch of a public tender in August.
Dangote’s visit also marked the opening of a subsidiary of Dangote Industries in Angola, signaling his intent to consolidate investments across various sectors in the country.
During his trip, Dangote met with leaders from Sonangol, Angola’s state-owned oil company, and the National Agency of Petroleum, Gas, and Biofuels (ANPG), as well as other relevant entities.
Sources indicate that Dangote expressed a keen interest in the Lobito Corridor project, oil block acquisitions, and further investments in cement production.
The Lobito Refinery, located in Benguela province, is designed to process 200,000 barrels of crude oil per day.
Private investors are expected to own 70% of the refinery, with Sonangol retaining a 30% stake. Dangote’s subsidiary will manage operations at the refinery and other planned investments in oil and cement industries.
Reports suggest that Dangote plans to acquire a significant portion of the 70% stake available to private investors and is considering the possibility of building another refinery in the region.
