In a significant development for Nigeria’s oil industry, Aliko Dangote, Africa’s richest man, has announced that the Dangote Refinery has obtained a license to refine more than 300,000 barrels of Nigerian crude per day. Speaking during an interview on Saturday in Riyadh at the Saudi-Nigeria business roundtable, Dangote revealed that the refinery is poised to commence processing petrol in the near future.
Dangote emphasized the refinery’s commitment to utilizing Nigerian crude as it kicks off its operations. In an interview with Bloomberg, the billionaire industrialist stated, “We don’t want to start our refinery with foreign goods; we want to start with the Nigerian crude. We’re more than ready, and you will see our gasoline products soon.”
Addressing the timeline for the commencement of operations, Dangote expressed optimism, stating that the refinery would start producing “very, very soon.” The initial focus of the facility will be to supply petrol to Nigeria before exploring export opportunities, including catering to the West African region.
The Dangote Refinery, with a capacity to process 650,000 barrels per day, is poised to be a game-changer in the Nigerian oil and gas sector. The facility is expected to produce 27 million liters of diesel, 11 million liters of kerosene, and nine million liters of jet fuel daily. This vast production capacity positions the refinery as a major contributor to the country’s energy needs and a potential exporter of refined petroleum products.
Dangote outlined the refinery’s strategy of sourcing crude from both other producers in Nigeria and the country’s state oil company. This collaborative approach aims to maximize efficiency and ensure a steady supply of crude for the refinery’s operations.
The development of the Dangote Refinery is a crucial milestone for Nigeria, providing an opportunity to enhance self-sufficiency in refined petroleum products and reduce the nation’s dependency on imported fuel. As the refinery gears up to become fully operational, it is poised to play a pivotal role in reshaping the dynamics of Nigeria’s oil and gas industry while contributing significantly to the nation’s economic growth.
