Table of Contents
Key Points
- Dangote files to build Nigeria’s biggest seaport near Lagos to support refinery, fertilizer, and LNG exports.
- Olokola Deep Sea Port project, revived with government backing, aims to rival Lekki Port and ease Lagos congestion.
- Dangote expands refinery, fertilizer operations to boost Nigerian crude processing and cut Africa’s import dependence.
Africa’s richest man, Aliko Dangote, founder and chairman of Dangote Group, has submitted plans to develop a new seaport near Lagos, aimed at bolstering exports and supporting his expanding industrial empire.
Positioned to become Nigeria’s largest seaport, the Olokola project aims to reduce congestion at Lagos ports and accelerate trade flows for West Africa.
Olokola Port to boost trade efficiency
Dangote’s application to build the largest and deepest port within the Olokola Free Trade Zone (OKFTZ) in Ogun State was filed in late June, following his March announcement. “This will be the biggest, deepest port in Nigeria,” Dangote said in a recent interview in Lagos, confirming that regulatory filings were submitted.
This infrastructure will enhance logistics for Dangote’s fertilizer and oil refinery operations, including planned exports of liquefied natural gas (LNG). The port will rival existing Nigerian maritime facilities, including the Chinese-backed Lekki Deep Sea Port, which opened in 2023.
Reviving a long-delayed project with Government support
The Olokola Free Trade Zone seaport initiative faced years of delays due to legal disputes, infrastructure gaps, and regulatory hurdles. However, renewed backing from Ogun State Governor Dapo Abiodun and Nigeria’s federal government has revived the project.
“We had abandoned our vision for Olokola, but with investor-friendly policies, we are back on track,” Dangote told reporters in Lagos. Construction is expected to start soon, signaling a major step in Nigeria’s drive to upgrade port capacity and logistics.
Dangote Refinery powers Nigeria’s energy independence
Dangote’s $20 billion refinery in the Lekki Free Zone, commissioned in 2023, is steadily changing the face of Nigeria’s energy sector. When operations began in mid-2024, the facility was processing around 350,000 barrels of crude oil per day. That figure has since climbed to 550,000 barrels, with plans underway to hit its full capacity of 650,000 barrels per day.
By the end of 2025, the refinery aims to rely entirely on Nigerian crude. A shift expected to reduce fuel imports while encouraging more local oil production—a major step toward improving the country’s energy independence and easing pressure on its foreign reserves.
Fertilizer expansion to cut Africa’s import reliance
Dangote is also expanding his $3 billion fertilizer plant, a key element in reducing Africa’s dependence on imported fertilizers amid rising global food security concerns. The fertilizer plant complements Nigeria’s ambitions to become a regional agro-industrial hub.
With a net worth estimated at $27.7 billion according to the Bloomberg Billionaires Index, Dangote remains Africa’s richest individual and continues to drive large-scale infrastructure projects that underpin Nigeria’s industrial growth and regional trade ambitions.
