Barring unforeseen, President Muhammadu Buhari of Nigeria will officially commission the Dangote Oil Refinery, the largest vertically integrated petrochemical complex in the world on January 24, 2023
The refinery, which is situated in Lagos’ Lekki Free Zone, is owned by Africa’s richest man Aliko Dangote. It has a daily processing capacity of 540,000 barrels of Nigerian crude oil. The $19 billion project is a calculated move by Dangote and the Nigerian government to develop the nation’s downstream sector and turn it into a net exporter of petrochemicals and refined petroleum products by 2026.
Reports indicate that the refinery is anticipated to supply all of Nigeria’s needs for refined products, with a surplus left over for export, opening up a market for $11 billion in petroleum products from Nigeria per year.
Additionally, the facility will produce 3 billion standard cubic feet of gas, 65 million litres of premium motor spirits (petrol), 15 million litres of diesel, and 4 million metric tonnes of jet fuel each day.
The Dangote Refinery will be responsible for more than half of Africa’s future refining increases, according to the Organization of Petroleum Exporting Countries.