Dangote Refinery finally opens for business
ABUJA, January 16, 2024 – The Dangote Refinery which processes diesel and aviation fuel began production days ago, the company calling it a “big day for Nigeria” after years of construction delays.
Owned by the continent’s richest man, Aliko Dangote of Dangote Group, the 650,000 barrel-per-day [bpd]refinery could be a game changer when fully operational by helping end Nigeria’s reliance on fuel imports.
The company said it hoped the products would be on the market this month, but it was not clear when the refinery will reach full capacity production or start refining petrol.
The facility sits on 2,635 hectares [6,500 acres] of land at the Lekki Free Zone on the edge of Lagos City and cost an estimated US$19 billion, according to local media outlets.
“Dangote Petroleum Refinery has commenced production of diesel and aviation fuel,” the group said. “This is a big day for Nigeria. We are delighted to have reached this significant milestone,” Dangote Group was quoted as saying last Saturday.
Although Nigeria is Africa’s top energy producer of oil, it has relied on imports for most of the fuel it consumes because of a lack of refining capacity.
The refinery is expected to boost Nigeria’s fuel exports to neighbouring West African countries, potentially transforming oil trading in the Atlantic Basin.
The refinery, first scheduled to open in 2021, was officially inaugurated by then-President Muhammadu Buhari earlier this year although it was supposed to begin operations in June, 2023.
Dangote Group is a diversified conglomerate, headquartered in Lagos, with interests across a range of sectors in Africa. Current interests include cement, sugar, flour, salt, seasoning, pasta, beverages and real estate, with new projects in development in oil and natural gas, telecommunications, fertiliser and steel.
Source: Daily Sabah
https://thecooperator.news/nigeria-ekiti-govt-moves-to-review-cooperative-laws/
Buy your copy of thecooperator magazine from one of our country-wide vending points or an e-copy on emag.thecooperator.news
