Dangote refinery to start production with 540,000 BPD

This was confirmed over the weekend when Alhaji Aliko Dangote, the President of the Dangote Group

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Dangote $15billion refinery
(Photographer: Tom Saater/Bloomberg via Getty Images)

The Dangote oil refinery will commence refining crude oil in the third quarter of this year, with technical work done and hydro testing (at 70%) practically done.

This was confirmed over the weekend when Alhaji Aliko Dangote, the President of the Dangote Group, decided to take Akinwunmi Adesina, the President of the African Development Bank (AfDB), and board of directors of the bank on a tour of the Dangote oil refinery and chemical operations in Ibeju-Lekki.

He made a point of saying that the last necessary equipment to clean up the project has landed and that the factory would commence with a processing capability of 540,000 barrels per day, with full production starting by the end of the year or early 2023.

According to Dangote

I also want to really thank President Muhammadu Buhari, Central Bank of Nigeria (CBN) Governor, Minister of Finance, and AfDB for encouraging us to do this kind of huge project.

Without the support, there is no way we could have succeeded in building this massive industrial plant. This is a major revolution. Once we finish, definitely, it will put Nigeria on the map.

So, I want to thank you for your support. And obviously, like Oliver Twist, we will think of other projects and we will come back to you.

In turn, Adesina emphasized that he is willing and able to help African entrepreneurs in conformity with the free trade deal.

He also complimented Dangote for his entrepreneurial skills and faith in Nigeria, which culminated in his substantial investment in the country.

One of the things I admire the most about you, Alhaji Dangote, is that you actually believe in Nigeria and you invest your money in Nigeria.

You believe in Africa and you invest your money in Africa. Nobody could invest the kind of billions of dollars that is here, unless they actually, not only have the vision, but also the commitment and passion for their country.

We are extremely proud of you, and, of course, of your commitment to the continent.

Africa, today, has probably about $38 trillion worth of natural resources, from oil to gas, to metals and agriculture, among others.

What you see, here, is a man with a vision, with a passionate commitment, saying it is time for Africa to move up the value chains and dominate those value chains and be competitive regionally and be globally.

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