The Lagos State Government has disclosed that discussions are underway for the establishment of a second privately owned refinery in the state.
The 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, held at the Protea Hotel, Alausa, Ikeja.
According to Olumide, Lagos has continued to attract major industrial and petrochemical investments, with private players now 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.
“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.
“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 policies are intentionally crafted to accommodate major capital-intensive developments, particularly those capable of creating jobs, strengthening the energy sector, and broadening the state’s industrial capacity.
