Africa’s richest man is targeting foreign investors for the debt raise as the refinery expands production amid tightening global energy supplies and plans to double capacity by 2028.
Aliko Dangote’s refinery unit is seeking to raise as much as $1 billion through a private sale of debt, targeting foreign investors as Africa’s largest crude-processing facility strengthens output and attracts rising demand amid global energy market disruptions.
Dangote Petroleum Refinery & Petrochemicals FZE, operator of the 650,000-barrel-per-day facility that has recently recorded test runs of about 700,000 barrels per day, is pursuing the private debt placement as part of a broader capital strategy, people familiar with the matter told Bloomberg. The fundraising comes as buyers across Africa and beyond have increasingly turned to its products amid geopolitical tensions in the Middle East that have tightened alternative supply routes.
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The facility, which reached full production shortly before the escalation of conflict involving Iran, produces petrol, diesel and jet fuel for Nigeria while exporting to markets across Africa, Europe, the United States and Saudi Arabia.
Alongside the planned debt raise, the Dangote Group is also pursuing a private share placement that reportedly drew up to $2 billion in investor demand, and longer-term plans for an initial public offering of the refinery unit. The debt move follows a $750 million private placement for Dangote Fertiliser Ltd in April, marking the conglomerate’s first entry into international debt capital markets.
According to a report by Accra Street Journal, Dangote Industries has set an investment target of at least $40 billion over the next five years. Expansion plans include scaling refinery capacity to 1.4 million barrels per day by 2028, which would make it the world’s second-largest refinery after India’s Jamnagar facility.
Beyond refining, the group is also exploring a deep-sea port in Nigeria, expansion of fertiliser output to 12 million tons annually by 2030, diversification into liquefied gas, and development of a 20,000-megawatt power plant. Dangote is also considering additional refinery expansion in East Africa, including a potential 650,000-barrel-per-day facility, as part of efforts to reduce the continent’s reliance on imported petroleum products.
The fundraising comes as Dangote, with a net worth of about $36.5 billion according to Bloomberg, continues to execute one of Africa’s most ambitious industrial expansion programmes. The private debt sale will test international investor appetite for the refinery’s credit at a time when global energy markets are being reshaped by conflict and supply chain realignment.
Source: Accra Street Journal
Last Updated on June 12, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
