On February 15, 2026, billionaire businessman Femi Otedola paid a visit to Africa’s largest refinery located in Lekki, Lagos, marking a significant milestone in Nigeria’s industrial development. The refinery has now reached its full production capacity of 650,000 barrels per day, a landmark achievement that positions it as the largest single-train refinery in the world. Constructed at a cost of $20 billion, the facility represents one of the most ambitious private-sector investments in Africa’s history and a transformative step for Nigeria’s energy landscape.
During the visit, Otedola commended the scale, sophistication, and strategic importance of the refinery, describing it as a project of global significance. The 650,000 barrels-per-day output capacity is not only unprecedented for a single-train facility but also critical for a country that has long relied heavily on imported refined petroleum products despite being one of the world’s major crude oil producers.
Beyond its current capacity, the refinery is already undergoing a substantial expansion. An additional $12 billion investment is being deployed to scale up production to 1.4 million barrels per day. Once completed, the expansion is expected to push the facility’s output beyond that of India’s largest refinery, further cementing Nigeria’s position as a major refining hub. The move signals an ambition not just to meet domestic demand but to become a leading exporter of refined petroleum products to regional and global markets.
Otedola emphasized the far-reaching economic implications of the refinery’s operations. For decades, Nigeria has spent an estimated $10 billion annually on fuel imports due to inadequate domestic refining capacity. With the refinery now operating at full capacity, the country stands to significantly reduce, if not eliminate, this import burden. The potential savings could have a stabilizing effect on Nigeria’s foreign exchange reserves and help ease persistent pressure on the naira.
He noted that by refining crude locally, Nigeria would retain more value within its economy, reduce exposure to international supply disruptions, and strengthen energy security. The impact on the naira could be particularly meaningful, as reduced fuel imports would lessen demand for foreign currency, potentially improving exchange rate stability over time.
The refinery’s contribution to employment is another major highlight. It is expected to create approximately 30,000 direct and indirect jobs, spanning technical operations, logistics, maintenance, administration, and ancillary services. This level of job creation is anticipated to stimulate economic activity in Lagos and beyond, supporting small and medium-sized enterprises linked to the refinery’s supply chain.
In addition to boosting production capacity, the refinery has recently reduced the depot price of petrol to 774 naira per liter. This price adjustment is seen as a positive signal for consumers and businesses alike, offering some relief amid broader economic challenges. Lower fuel costs could translate into reduced transportation expenses and potentially moderate inflationary pressures across various sectors.
Otedola’s visit underscored the refinery’s strategic role in reshaping Nigeria’s oil and gas sector. With full operational capacity achieved and expansion underway, the facility represents a bold shift toward self-sufficiency, industrial growth, and enhanced economic resilience for Africa’s largest economy.
