The President of Dangote Group, Aliko Dangote, has revealed that the recently commissioned Dangote Refinery will supply its first tranche of petroleum products to the market before the end of July. The refinery, situated in the Lekki free trade zone area of Lagos state, has a capacity to refine 650,000 barrels per day of crude oil.
The integrated refining and petrochemical complex project is expected to create 9,500 direct jobs and 25,000 indirect jobs in the country. Speaking at the inauguration ceremony, Mr Dangote noted that this project marks a milestone in a new and exciting trajectory for Nigeria’s oil and gas downstream sector.
Mr Dangote expressed his commitment to replicate in the downstream sector what the group has achieved in the cement and fertilizer markets, transforming Nigeria from the largest importer of these products to a net exporter. The first goal of the group is to ramp up projections of various production to ensure that the country can fully satisfy its demand for higher quality products.
He also stated that the company would ensure that its plants run at the highest efficiency and capacity utilisation, enabling it to export competitively to other markets. The billionaire businessman remarked that the first products from the refinery would be in the market by the end of July or the beginning of August this year.
This ambitious project showcases Nigeria’s attempt to become self-sufficient and cut its dependence on imported refined petroleum products. Dangote Refinery’s success would mean a significant reduction in the amount of foreign exchange spent on importing refined petroleum products, which would have a positive impact on the economy.
All eyes will be on Dangote Refinery to see if it will live up to its promise of becoming Africa’s largest oil refinery and put Nigeria on the map as a hub for petroleum products manufacturing.
