African richest man Aliko Dangote has disclosed that his refinery project, which is still under construction, would commence with a processing capacity of 540,000 barrels per day.
Addressing journalists at the Dangote Petrochemical Complex, the billionaire said while the refinery cannot start in its full capacity of 650,000 barrels per day, it would commence operations any moment between July and September 2022.
He added that the last equipment for tidying up the project had arrived and the plant would soon commence its operations.
Dangote, therefore, expressed gratitude to Governor Godwin Emefiele of the Central Bank of Nigeria (CBN), and President Muhammadu Buhari, for believing in the project.
His words: “I also want to really thank President Muhammadu Buhari, Central Bank of Nigeria (CBN) Governor, Minister of Finance and AfDB for encouraging us to do this kind of huge project.
“Without the support, there is no way we could have succeeded in building this massive industrial plant. This is a major revolution. Once we finish, definitely, it will put Nigeria on the map. So, I want to thank you for your support. And obviously, like Oliver Twist, we will think of other projects and we will come back to you.”
Why this is important
- Dangote Refinery is expected to be Africa’s biggest oil refinery and one of the world’s biggest single-train facilities, upon completion.
- Its output will be more than enough to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined oil.
- According to Emefiele, Nigeria would save 40% of its foreign exchange (FX) earnings once the refinery and petrochemical Plant begins operations in the year.
What you should know
- The 650,000 barrels per day integrated refinery and petrochemical project is located in the Lekki Free Zone near Lagos, Nigeria.
- The refinery will process a variety of light and medium grades of crude to produce Euro-V quality clean fuels including gasoline and diesel as well as jet fuel and polypropylene.
