Nigeria’s $1.3 Billion Alumina Refinery Platform

Freshly announced, Nigeria’s agreement with the Africa Finance Corporation to co-finance a $1.3 billion alumina refinery marks one of the country’s largest private-sector industrial investment commitments in recent years. The project shifts Nigeria decisively beyond crude exports into large-scale mineral processing, converting domestic bauxite into export-grade alumina – a critical feedstock for aluminium and industrial manufacturing.

For investors, the attraction lies in foreign-exchange-generating output, long-term offtake potential and a financing structure anchored by a credible continental DFI. With nationwide geoscience mapping and a broader strategic investment vehicle embedded in the agreement, the refinery is positioned not as a standalone asset but as the foundation of a scalable mineral-processing ecosystem. In Paris, Nigeria’s delegation is expected to spotlight pathways for private participation, co-investment and structured capital solutions tied to downstream industrial expansion.

Dangote Refinery Expansion, Nigeria

Alongside mineral processing, Nigeria’s downstream oil ambitions continue to expand through the Dangote Refinery. Already the largest refinery on the continent, the facility is progressing toward a potential capacity increase to 1.4 million barrels per day while deepening its petrochemical slate, including polypropylene production.

As regional fuel trade dynamics shift, investors are looking beyond core refining margins to adjacent opportunities in logistics, storage, distribution and derivative manufacturing. The Lekki complex represents a maturing downstream anchor asset with expanding capital needs across trade finance, working capital facilities, infrastructure integration and supply-chain partnerships – creating multiple points of entry for institutional investors and strategic operators engaging with Nigeria’s delegation in Paris.

Senegal’s SAR 2.0 Refinery & Petrochemical Expansion

In Senegal, the Société Africaine de Raffinage’s SAR 2.0 program aims to expand refining capacity through a new multi-billion-dollar complex that could add roughly 4 million tons of annual throughput. Designed to integrate crude from offshore production – including the Sangomar field – into domestic processing, the expansion would significantly strengthen Senegal’s fuel self-sufficiency while opening refined-product export channels across West Africa.

For investors, the integrated upstream-to-downstream model reduces feedstock risk and enhances margin capture across the value chain. With state backing and growing international interest, SAR 2.0 presents entry points in EPC contracting, equity structuring and regional distribution partnerships – all accessible through direct engagement with Senegalese officials and project sponsors in Paris.

Uganda Hoima Oil & Petrochemical Refinery

East Africa’s flagship downstream project remains the 60,000 bpd refinery under development in Hoima by the Uganda National Oil Company alongside Alpha MBM Investments. Valued at approximately $4 billion, the refinery anchors the broader Kabalega Industrial Park vision, which includes petrochemicals, storage and associated manufacturing industries.

For private capital, Uganda represents a rare greenfield refining opportunity backed by confirmed upstream reserves and clear long-term domestic demand growth. Investor engagement at IAE is likely to focus on syndicated project finance, risk-sharing frameworks and regional offtake strategies that position the refinery as a supply hub for East Africa.

Atlantic Petrochemical Refinery, Republic of the Congo

In the Republic of the Congo, the Atlantic Petrochemical Refinery – a roughly $600 million build near Pointe‑Noire – is progressing toward commissioning, with early phases designed to process about 2.5 million tons annually of refined fuels and petrochemical feedstocks such as gasoline, diesel, LPG and propylene. The facility is being developed with Chinese capital and aims to reduce imports while supporting regional export flows.

For investors, the project represents multiple points of engagement: co-investment in construction and operations, technology licensing, structured offtake agreements and blended finance arrangements that align sovereign industrial priorities with private capital returns. The refinery also exemplifies the broader push in Central Africa to expand downstream capacity and monetize associated gas streams more effectively – making it a strategic entry point for financiers and industry partners seeking tangible, asset-backed opportunities.