- Investment cost: 19 billion dollars (11,000 billion FCFA)
- Processing capacity of 650,000 barrels of crude oil per day
- Which will enable Nigeria to achieve self-sufficiency and export
On Monday 22 May 2023, the Federal Republic of Nigeria inaugurated the world’s largest single-train refinery. Built by billionaire Aliko Dangote, this industrial project covers 2,635 hectares of land and cost over 19 billion dollars. The refinery will have the capacity to process 650,000 barrels of crude oil a day. It will produce petrol, diesel, jet fuel and many other refined petroleum products.
The inauguration ceremony took place in the Lekki free trade zone near Lagos, Nigeria’s economic capital. It was attended by a number of authorities, including Nigeria’s Head of State Muhammadu Buhari, Togo’s Head of State Faure Gnassingbé, and many official figures from Nigeria and the African private sector. At full capacity, it has the largest crude refining capacity on the African continent and will meet all the needs of Nigerians. The refinery will also have reserves for export.
This ambitious project integrates refining and petrochemicals in Nigeria. This vast refinery complex also includes a fertiliser plant with a capacity of 3 million tonnes a year.
It is the private sector’s contribution to meeting the energy and industrial challenges facing the sub-region and the African continent.
According to project owner Aliko Dangote: “The Dangote oil refinery that we have come to commission this morning is the realisation of a long-held dream and the project of the Dangote Group’s corporate vision, driven by our mission to produce what we consume and to promote self-sufficiency in the basic needs of our people, while being globally competitive in those areas where we have a comparative and competitive advantage”.
At the refinery’s inauguration ceremony, President Muhammadu Buhari said that the refinery’s processing capacity would enable the country to achieve self-sufficiency in refined products, and even have reserves for export. “This is an important step for our economy and a game-changer for the oil sector, not only in Nigeria, but on the continent as a whole”, he said.
#Mines_Actu_Burkina
