Nigeria has received multiple funding offers from investors and institutional lenders, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.

Speaking in an interview with Bloomberg TV, Mr Oyedele said the current market environment presents an opportunity for the country to refinance some of its existing debt while mobilising additional resources for development.

“We think that the timing is good for us to be able to maybe even refinance some of our expensive past debts, but also to raise more funding for our development at this critical time,” he said.

Responding to questions on whether Nigeria would pursue a Eurobond issuance or other commercial financing options, the minister said any decision would depend on prevailing market conditions, the amount of funding required and the speed at which the government intends to access the funds.

He noted that the country currently has several financing options available.

“We have a lot of offers, there is a lot of interest in Nigeria by investors, which is good for us,” Mr Oyedele said.

He added that Nigeria is also engaging with institutional lenders, including the African Finance Corporation (AFC), the African Development Bank (AfDB) and Afreximbank, alongside financing arrangements involving other countries.

“We have many options,” he noted.

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Mr Oyedele explained that the government would carefully evaluate the cost, risks and suitability of available funding sources before deciding on the most appropriate financing strategy.

According to him, the objective is to ensure efficient use of resources while supporting the country’s development priorities.

“The goal is to get the best results from every dollar or every naira that we spend,” he said.

The development marks a significant operational milestone for the refinery, which is widely regarded as the world’s largest single-train petroleum refining facility.

In a statement shared with PREMIUM TIMES on Thursday by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, the company explained that the increase demonstrates the refinery’s ability to process additional feedstock while optimising performance across its production units.

In his remark, Vice President, Oil and Gas at Dangote Industries Limited, Devakumar Edwin, said the refinery’s latest output increase forms part of a broader expansion strategy aimed at scaling capacity to 1.4 million bpd within the next 30 months.

Mr Edwin said the proposed expansion could position the facility among the largest refining complexes globally, while strengthening Nigeria’s drive for energy self-sufficiency.

“The refinery’s growth trajectory reflects a deliberate move toward continental and global refining dominance, not just domestic supply sufficiency,” he said.

The announcement of reaching 70, 000 capacity comes a few days after the refinery chief executive disclosed that the production target of 70,000 barrels per day would be reached by 2028.

On Tuesday, the refinery CEO, David Bird, while speaking during the S&P Global Energy Middle East Petroleum and Gas Conference in London, said the refinery is currently operating at full nameplate capacity and is planning what he described as a “ruthless replication” strategy to expand output.

“We will bring 700,000 barrels per day of fully complex refining capacity on stream by the end of 2028,” he said, adding that long-lead equipment has already been procured while construction contracts are being awarded.

He added that the group could eventually increase refining capacity to 2.1 million bpd, supported by plans for another refinery in East Africa, positioning the company as a major player in global crude and refined product markets.

“Nigeria has gone from fuel scarcity to absolute fuel abundance since the Dangote refinery came online,” Mr Bird said.

According to Kpler data cited last month, the Dangote Petroleum Refinery exported an estimated 57 million barrels of jet fuel between April 2024 and April 2026.

The data showed exports rose from about 20,000 barrels per day in April 2024 to around 65,000 barrels per day by the end of that year before peaking at approximately 160,000 barrels per day during the review period.

The figures highlight the growing role of refined petroleum exports in Nigeria’s energy sector, particularly aviation fuel, as the country seeks to strengthen domestic refining capacity and reduce dependence on imported products.

Expansion plans and export ambitions

Owned by industrialist Aliko Dangote, the refinery commenced fuel production in 2024 and has since expanded output to include petrol, diesel, aviation fuel, and other refined petroleum products.

The company said the facility now supplies both domestic and international markets, exporting refined products to several African countries and to European destinations, including the United Kingdom, France, Spain, Italy, and the Netherlands.

It also said refined products from the facility have reached markets in the United States, while jet fuel exports have extended to Saudi Arabia.

Dangote Industries argued that the refinery has increasingly played a stabilising role in regional fuel markets amid supply disruptions linked to geopolitical tensions in the Middle East, with more African countries turning to the facility for energy security.

Growing global footprint

The refinery’s rising output has further strengthened its position in global fuel markets.

The company noted that the facility emerged as the world’s largest exporter of jet fuel in April, citing data from S&P Global Commodities.

Industry analysts say the refinery’s operations have already contributed to reducing Nigeria’s reliance on imported petroleum products, easing pressure on foreign exchange demand and improving local fuel availability.

As production volumes increase, the refinery has also attracted stronger engagement from international crude suppliers and commodity traders, sourcing feedstock from both domestic and foreign producers to sustain rising throughput.

Dangote Industries said the planned expansion to 1.4 million bpd by 2028 is expected to generate broader economic benefits, including job creation, increased industrial activity and improved trade balances.

The refinery also expects to deepen downstream industrialisation through increased supply of liquefied petroleum gas (LPG), polypropylene and other industrial feedstocks used in manufacturing.

Plans also include production of Linear Alkylbenzene (LAB), a key raw material used in detergent manufacturing, as part of efforts to expand the country’s petrochemical value chain.