Nigerian billionaire businessman Aliko Dangote has announced that the highly anticipated Dangote Refinery will soon commence the supply of petroleum products to the market.
In a groundbreaking ceremony held on Monday, Dangote inaugurated the colossal integrated refinery project located in the Lekki free trade zone area of Lagos state.
The refinery, which boasts a remarkable capacity of 650,000 barrels per day (BPD), is not only Africa’s largest oil refinery but also the world’s largest single-train facility.
With an investment cost of $19 billion, the Dangote Refinery is set to revolutionize the Nigerian oil and gas downstream sector. The project is expected to generate a significant number of jobs, creating 9,500 direct employment opportunities and an additional 25,000 indirect jobs.
Dangote expressed his excitement about the inauguration, deeming it a crucial milestone in Nigeria’s journey toward enhancing the oil and gas industry.
During the landmark event, Dangote emphasized the commitment to replicate the success achieved in the cement and fertilizer markets within the oil sector.
He proudly highlighted Nigeria’s transformation from being the largest importer of petroleum products to becoming a net exporter.
The business magnate assured attendees that the refinery’s primary objective is to fulfill the nation’s demand for high-quality products, thus eliminating the dependence on imports and the influx of substandard petroleum products into the market.
“It is our firm commitment that we will replicate in this sector what we have actually achieved in the cement and fertilizer markets while Nigeria transformed from being the largest importer of these crude products to a net exporter,” Dangote said.
“Our first goal is to ramp up projections of various products to ensure that within this year, we are able to fully satisfy our nation’s demand for higher quality products to enable us to eliminate the tragedy of import dependency and stop, once and for all, the dumping in our market of toxic substandard petroleum products.
“Our first products will be in the market before the end of July, beginning of August this year.”
Furthermore, Dangote emphasized the company’s commitment to maximizing plant efficiency and capacity utilization, enabling the refinery to compete in export markets.
He highlighted the strategic advantage presented to Nigeria by the operationalization of the refinery, aligning it with the African Union’s vision of an African common market through the African Continental Free Trade Area (AfCFTA), which was recently established.
The visionary entrepreneur went on to project that once the refinery is fully commissioned, a significant portion, at least 40 percent, of its capacity will be dedicated to export. This export-oriented approach is expected to yield substantial foreign exchange earnings for the country, contributing to Nigeria’s economic growth.
With the Dangote Refinery on the verge of supplying petroleum products to the market, Nigeria stands poised to achieve self-sufficiency in the downstream sector and emerge as a major exporter of high-quality petroleum products, underscoring the nation’s resolve to eliminate import dependency and enhance its global competitiveness.
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