Nigeria’s refining capacity may rise to 2.64 million barrels per day by the end of 2030 as 24 refinery projects advance through various stages of development, according to a new report by Industrial Info Resources.

The report said the projects, together with planned expansions at existing refineries, are expected to transform Nigeria from a country that has historically exported crude oil and imported refined petroleum products into one capable of meeting domestic demand and supplying refined products to other African countries.

Industrial Info Resources said it is tracking $10.74bn worth of modular refinery capital spending in Nigeria scheduled for completion between 2026 and 2030, making the country the global leader in new refinery developments.

According to the report, Nigeria has 24 grassroots refinery projects expected to come on stream before 2031, significantly ahead of the United States and Iran, which each have 11 projects in the pipeline. Iraq ranks fourth with eight projects, while China has five.

IIR stated that although Nigeria is one of Africa’s largest crude oil producers, the country has relied for decades on exporting crude while importing refined petroleum products to meet domestic demand. It said the ongoing expansion of refining capacity is intended to reverse that trend by enabling more crude oil to be processed locally.

It was noted that Nigeria currently has an operational refining capacity of 732,000 barrels per day, projecting that the country’s refining capacity could increase to 2.64 million barrels per day by the end of 2030.

The IIR Vice President of Energy Intelligence, Hillary Stevenson, said the bulk of the projected increase would come from modular refinery projects.

“Nigeria currently has 732,000 bpd of operational refining capacity, which could increase to 2.635 million bpd by the end of 2030.

Dare Olawin

Dare Olawin is a journalist at Punch Newspapers with over a decade of reporting experience. He began his career as a community reporter and now covers the energy sector, including oil, gas, electricity, and renewables. Dare’s work reflects hands-on newsroom experience, professional development through workshops and conferences, and a strong commitment to accurate and insightful journalism.

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