Lagos to get Second Private Refinery.

The Lagos State Government has revealed that discussions are underway for the establishment of a second privately-owned refinery in the state. This announcement was made by the Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Abiodun Olumide, during the Economic Roundtable organised by the Economic Intelligence Department of the Ministry of Economic Planning and Budget.

According to Dr. Olumide, the state has continued to attract major industrial and petrochemical investments, with private players exploring opportunities beyond the existing Dangote Refinery. He noted that preliminary engagements had already commenced with a new investor interested in setting up another refinery, stressing that the private sector remains central to driving large-scale projects across the state.

“The private sector is key to driving large-scale projects in Lagos, and we’re seeing this play out in the petrochemical sector,” Dr. Olumide said. “We’ve had discussions with a new investor interested in establishing another refinery, and we’re excited about the prospects. These are initiatives that should rightly be powered by the private sector. Government cannot take on every project, and there are viable opportunities for investors to explore.”

The Commissioner highlighted the state’s development plans, which are designed to accommodate major capital-intensive developments, particularly those capable of creating jobs, strengthening the energy sector, and broadening the state’s industrial capacity. He cited the Dangote Refinery as an example of what can be achieved in Lagos, and noted that the new investor would provide competition and further boost the state’s economy.

“Our development plans are broad enough for private participation,” Dr. Olumide said. “You can see what Dangote has achieved in Lagos, and now another investor is coming in. Very soon, the refinery will have a competitor. Discussions have already begun on establishing an additional private refinery.”

The announcement is a significant development for Lagos State, which has been positioning itself as a hub for industrial and economic growth. The establishment of a second private refinery is expected to create jobs, boost the state’s economy, and further strengthen the energy sector.