Global Refinery Development Capital Is Now Nigeria
Nigeria is set to be the world’s premier location for new fuel refinery developments over the next four years, according to Industrial Info Resources (IIR).
According to an IIR report posted mid July, an estimated $10.74 billion investment will be required to develop 24 modular refineries around the country. The report also adds that Nigeria’s refining capacity could reach approximately 2.64 million barrels per day by 2030, based on its assessment of operational, rehabilitated, and planned refinery projects across the country
The current refined fuel output in Nigeria stands at 650k bpd and the country is the globally leader in new refinery projects, outpacing major markets like the US, Iran, China, and Iraq.
The Dangote Refinery, now Africa’s largest, has enabled Nigeria to become a net exporter of gasoline and a major supplier of jet fuel to Europe. Dangote Oil, has also recently announced it plans to build a 650 000 bpd refinery in Kenya and has ambitions for further developments across the continent.
Nigeria is also leading efforts to establish a West African fuel price benchmark based on regional supply, demand and logistics rather than based on foreign indices. This proposal will be a key focus of the second West Africa Refined Fuel Conference in Abuja between August 11 – 12, 2026.
