Lagos Govt Confirms Ongoing Talks Toward Setting Up Another Private Refinery

The Lagos State Government has revealed that talks are ongoing for the establishment of a second privately owned refinery in the state.

The disclosure 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, held at the Protea Hotel in Alausa, Ikeja.

Olumide explained that Lagos continues to attract significant industrial and petrochemical investments, with private players now exploring opportunities beyond the existing Dangote Refinery. He confirmed that preliminary engagements have begun with a new investor interested in setting up another refinery, noting that the private sector remains critical to driving major development projects across the state.

“These are initiatives that should rightly be driven by the private sector. Government cannot undertake every project, and there are viable opportunities for investors to tap into.

“Our development plans are broad enough for private participation. 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,” he said.

Olumide added that Lagos’ physical planning framework is intentionally designed to support capital-intensive projects, especially those capable of creating jobs, boosting the energy sector, and expanding the state’s industrial capacity.