The Lagos State Government has disclosed that plans are underway for a second private oil refinery in the state, signaling growing interest from investors in expanding the region’s industrial and petrochemical capacity.
The announcement was made by Dr. Oluyinka Abiodun Olumide, Commissioner for Physical Planning and Urban Development, during the Economic Roundtable Discussion organised by the Economic Intelligence Department of the Ministry of Economic Planning and Budget at Protea Hotel, Alausa, Ikeja.
Dr. Olumide highlighted Lagos’ increasing appeal to large-scale industrial investments, particularly in the petrochemical sector. He noted that private operators are now looking beyond the existing Dangote Refinery to identify new opportunities for production and value addition within the state.
“The state is witnessing a surge of interest from private investors keen on developing capital-intensive projects,” Dr. Olumide said. “Discussions around a second private refinery have already begun, reflecting Lagos’ readiness to support major industrial ventures.”
The commissioner emphasised the role of the private sector in driving growth, noting that collaboration between government and investors is essential to delivering large-scale projects that can bolster the state’s economy, create jobs, and strengthen domestic energy production.
The Lagos State Government has been positioning itself as a hub for industrial development, leveraging its strategic location, infrastructure, and business-friendly policies to attract both local and international investors. The potential second refinery is expected to complement existing facilities and further cement Lagos’ status as a key player in Nigeria’s energy sector.
Officials indicate that more details on timelines, investment structures, and strategic partners will be released as discussions progress.
