- Advertisement -spot_img
28.2 C
Lagos
HomeCompany NewsDangote Refinery to push out first petroleum product in Aug ~Aliko

Dangote Refinery to push out first petroleum product in Aug ~Aliko

- Advertisement -spot_img

By Samuel Bankole

The first refined product from the Dangote Petrochemical Refinery will hit the market before the end of July 2023, according to the president of Dangote Industries, Aliko Dangote.

Speaking during the commissioning of the 650,000 barrels per day capacity refinery in Lagos on Monday, Dangote said the fuel to be produced by the plant would bring to an end the expensive importation of gasoline into the country and the importation of toxic products into the country.

READ ALSO: Oil prices steady as US default risk offsets demand outlook

It was also gathered that the refinery would deliver a surplus of about 38 million liters of petrol, diesel, kerosene, and aviation fuel for Nigeria daily, hence meeting the 100 percent fuel supply requirement of the country.

President Muhammadu Buhari is in Lagos to inaugurate the Dangote Refinery, Africa’s biggest oil refinery, with a 650,000 barrels per day (bpd) integrated refinery project located in the Lekki free trade zone area of Lagos state.

Dangote said he has committed over $18.5 billion to the construction of the plants and commended the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, for his unflinching support for the success of the project.

As a major oil producer, Dangote noted that Nigeria currently imports over 90 percent of its refined petroleum products, which amounted to roughly $10 billion in imports in 2022.

While this has brought major benefits to many businesses, Dangote explained that more prosperity could be created by locally refining Nigeria’s resources, with the refinery being a major step in this direction by reducing the country’s dependence on imported refined petroleum products.

“The refinery’s completion will not only create direct and indirect jobs but also lead to skills transfer and technology acquisition opportunities that will benefit the downstream sector.

“Moreover, the refinery’s production of critical products like naphtha and polypropylene will stimulate the development of other industries, such as cosmetics, plastics, and textiles.” Refineries on this scale could save Nigeria up to $10 billion in foreign exchange and generate approximately $10 billion from exports.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img