President Bola Ahmed Tinubu has expressed support for Dangote Refinery’s plan to increase its production capacity from 650,000 barrels per day to 1.4 million barrels per day. The President’s assurance was given at the 19th edition of the OTL Africa Downstream Conference and Exhibition in Lagos, where he was represented by the Minister of State for Petroleum Resources, Heineken Lokpobiri.
The proposed expansion is seen as a significant development for Nigeria, West Africa, and the global energy market. According to President Tinubu, the project will not only enhance Nigeria’s self-sufficiency in refined products but also strengthen energy supply across the continent. He emphasized that Africa has a substantial market for hydrocarbon resources, with the continent importing $120 billion worth of these resources in 2024.
The President noted that despite the existing market, limited financial capacity and distribution networks have hindered the continent’s ability to retain the value of these resources. He stated that Nigeria’s goal is to reclaim a proportion of this value. The Dangote Refinery expansion plan, announced by Aliko Dangote, the company’s president, is expected to play a crucial role in achieving this objective.
The expansion of the refinery is anticipated to have far-reaching implications for the energy sector in Nigeria and beyond. With the increased production capacity, the refinery will be better positioned to meet the growing demand for refined products in the region. This, in turn, is expected to reduce the country’s reliance on imported fuels and promote economic growth.
The support from President Tinubu underscores the government’s commitment to promoting the growth and development of the energy sector in Nigeria. As the country continues to navigate the challenges of the global energy market, the expansion of the Dangote Refinery is seen as a strategic move to enhance its position as a major player in the industry. With the project’s potential to boost energy supply and promote economic growth, it is likely to have a significant impact on the region’s energy landscape.