Will Dangote petroleum refinery take Nigeria out of Quagmire?
The $18.5 billion Dangote Petroleum Refinery has commenced production, a major achievement that is expected to take Nigeria out of the current quagmire of massive importation of petroleum products.
What is Dangote Refinery?
The Dangote Refinery is an oil refinery owned by Dangote Group that was inaugurated on 22 May 2023 in Lekki, Nigeria. When fully operational, it is expected to have the capacity to process about 650,000 barrels of crude oil per day, making it the largest single-train refinery in the world. The investment is over US$19 billion.
How many barrels of oil does Lagos refinery produce a day?
The refinery, which occupies 2,635 hectares of land in the Lekki Economic Free Zone in Lagos and has a capacity to process 650,000 barrels of oil per day, began producing diesel, kerosene and aviation fuel on January 12.
How much does a Nigerian oil refinery cost?
Estimated to cost $18bn, the refinery will produce Euro-V quality gasoline and diesel, as well as jet fuel and polypropylene. The project is expected to generate 4,000 direct and 145,000 indirect jobs. Nigeria is estimated to hold approximately 37 billion barrels of proven oil reserves, the second-largest reserves in Africa.