Africa’s giant oil refinery located at the Lekki area of Lagos will begin operations in December, Aliko Dangote, Africa’s wealthiest man, told Financial Times on Saturday.
“We are starting with 350,000 barrels a day,” Dangote said. Nigeria’s oil firm, the Nigerian National Petroleum Company Limited (NNPCL) will provide the refinery six million barrels of crude oil for the take-off operations.
The facility — valued at $19 billion – reportedly can produce about 650,000 barrels of petroleum products a day – more than enough to meet Nigeria’s domestic needs with a surplus for export. It also includes a 435-megawatt power station, deep seaport, and fertilizer plant.
At full operation, the new oil refinery could save Nigeria billions in foreign exchange currently spent on imported refined gasoline. Dangote aims to produce up to 53 million litres of gasoline per day, as well as four million litres of diesel and two million litres of aviation jet fuel daily.
Read more: https://www.ft.com/content/a315296d-83fe-4966-8e2b-7f6d17b4bebe
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
