On Monday, 22nd May, Nigeria’s President Muhammadu Buhari inaugurated the long-awaited Dangote Refinery. The refinery is envisaged to revolutionize Nigeria’s economy and change the course of history. With an investment of $18.5 million, the refinery will shift the country’s economy and import and export relations.
The petroleum refinery is located at Dangote Industries Free Zone in Ibeju-Lekki, Lagos, built on 2,635 hectares of land with a capacity to process 650,000 barrels per day. It will create employment for over 100,000 people.
International dignitaries like the President of Togo, Ghana, Senegal, Niger Republic, Chad, and a host of ambassadors gathered to witness the historic event. All the 36 state governors and most of the governors-elect, ministers, senators, and captains of industries in Nigeria and others from outside the country, global oil traders, top international bankers, and international multilateral agencies also graced the ceremony.
According to the Director-General of the Manufacturers Association of Nigeria, Segun-Ajayi Kadir, the refinery is the World’s Largest Single Train 650,000 barrels per day Petroleum Refinery with a 9000 KTPA Polypropylene Plant ever built. It has the capacity of producing 100% of Nigeria’s requirement for all refined products – gasoline, 57 million liters per day; diesel, 27 million liters per day; kerosene, 11 million liters per day and aviation jet, nine million liters per day and still have a surplus of each of these products for export.
President Muhammadu Buhari said; “this mega industry we are commissioning today is a clear example of what can be achieved when entrepreneurs are encouraged and supported”. He said an enabling environment was created by his government for investors and to encourage businesses to thrive in the country. He further encouraged African countries to come together to integrate their economic engagements and eliminate trade barriers in Africa.
Africa’s richest business mogul, Dangote said the refinery was established to promote self-sufficiency in petrol in the country and global competitiveness. It is also expected to mark Nigeria’s exit from the league of oil-rich nations which are heavy importers of petroleum products.
The gigantic project is anticipated to generate $10 billion from the export of refined petroleum products and save Nigeria an estimated $10 billion in foreign exchange. With State-of-the-art technology, the refinery is designed to produce 100% Nigerian Crude and the flexibility to process other crude from Africa, the Middle East, and US Light Oil.
According to the president, products from the facility were designed to meet the highest quality standards of Premium Motor Spirit (PMS), Automotive Gas Oil (Diesel), and Aviation Turbine Kerosene (ATK) among others.
The commissioning of Dangote Petroleum Refinery is noteworthy since it marks the first time a refinery of this size constructed by a single person has been put into operation.