Oil Business –Nigerian business mogul Aliko Dangote has opened Africa’s largest oil refinery at the cost of $ 19 billion.
This is aimed at revolutionizing crude oil processing in Africa as reports from the firm’s communication team indicates that their first ever product will be hitting the market in July 2023.
Billionaire Dangote, being the Africa’s wealthiest man and who, for decades, has been running Dangote Group of Companies is aiming at producing atleast 53 million liters of Diesel and 2 million liters of jet fuel all at enough export supply levels.
The refinery was inaugurated by the outgoing president Muhammadu Buhari on 22 May 2023 in Lagos, Nigeria, in an event attended by five African presidents, including President Gnassingbé Eyadéma of Togo, President Nana Akufo-Addo of Ghana, President Macky Sall of Senegal, President Mohamed Bazoum of the Republic of Niger, and President Mahamat Déby of Chad and other high-level officials.
The company which is located on 2635 hectares in Dangote Industry Free Zone in Ibeju-Lagos, will have a processing capacity of 650,000 barrels of oil every day(bpd),
Additionally, it targets to employ over 100,000 people. The refinery is nestled alongside various other components envisioned in the masterplan.
Qonversations.world reports that this comprehensive blueprint encompasses a proposed airport, a vibrant start-up community, and a blend of commercial and residential zones.
“It is clear that this event marks a milestone for our economy and is a game changer for the downstream petroleum products market, not only in Nigeria, but on the entire African continent,” said former President Muhammadu Buhari.
Buhari, reiterating the importance of the project, said Nigeria’s economy has been stressed for many decades by the inefficiency of the economic infrastructure and over a decade of insurgency.
According to OPEC, the importation of refined petroleum products surpassed exports by a staggering $58.5 billion between 2015 and 2019.
Nigeria faced numerous obstacles due to its inadequate refining capabilities, including the substantial expenditure on yearly imports and vulnerability to disruptions in domestic fuel supply.
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