Africa’s giant oil refinery located at the Lekki area of Lagos State, Nigeria began operations on Friday, Jan. 12, as the Nigerian authorities plan to cease the importation of refined petroleum products by year-end.
Despite being an oil-producing nation and one of Africa’s largest oil producers, Nigeria cannot refine its oil. The West African nation imports refined petroleum products for its own use from other nations such as India, Belgium, the United Arab Emirates, and the Netherlands as four state-run refineries are moribund.
But the story is about to change as the Dangote oil refinery, named after its owner Aliko Dangote, has taken off to end the country’s years-long reliance on refined petroleum products since its launching in May 2023.
“This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. This is a game changer for our country,” Aliko Dangote, who until Jan. 3 was Africa’s wealthiest man, told local press.
Vanguard reports that refined diesel and aviation fuel are currently stored in the refinery’s storage tanks as the company awaits government approval to hit the market.
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.
Read more: https://www.google.com/www.vanguardngr.com/2024/01/dangote-refinery-seeks-approval-to-hit-market-with-diesel-aviation-fuel/
