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Inauguration of billionaire Aliko Dangote's mega-refinery: a way to meet the need for fuel in Nigeria

24/05/2023
Source : ORISHAS FINANCE
Categories: Sectors

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On Monday, May 22, Nigerian President Muhammadu Buhari inaugurated the mega-refinery owned by billionaire Aliko Dangote in Lagos. The ambition is to fully meet the fuel needs of the most populous country in Africa and even to export it to the continent

.

The Dangote Group announced that the more than $18.5 billion industrial project (double the initial cost) launched in 2013 is “the world's largest single-train refinery.” For the group, this project should be at full speed and have the largest crude refining capacity on the African continent. According to President Muhammadu Buhari, “this complex has the capacity to process 650,000 barrels of crude per day, which will allow our country to achieve self-sufficiency in refined products, and even to have reserves for export.” Before several African heads of state and Nigerian officials, Muhammadu Buhari believes that “this is an important step for our economy and a game-change for the oil sector, not only in Nigeria, but across

the continent.”
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