The long-awaited Dangote oil refinery is expected to kick start the production of petroleum products in the third quarter of this year.
According to Aliko Dangote, who is the Africa’s richest man, during a briefing at the plant’s site in Lagos, the refinery’s mechanical work is complete. He also said that by the end of the third quarter, the refinery will hit the market.
Dangote stated that the plant will initially process 540,000 barrels per day. Full production can start maybe, by the end of the year or beginning of 2023,” he stated.
The facility, which is expected to cost $19 billion to construct, will have an installed capacity of 650,000 barrels per day. Its output will more than meet Nigeria’s fuel requirements and will transform Africa’s largest crude producer into a refined crude exporter.
In recent reports, Dangote’s fortune increased by $1.3 billion in less than a month due to a surge in the share price of his cement company.
Dangote Cement Plc, which represents roughly half of the entrepreneur’s $20.4 billion net worth, closed at its highest level since 2010, adding to the 11% gain in 2022, compared to 7.59 per cent for the Nigerian exchange’s main board in Lagos. The Lagos-based company recently completed a share buyback to boost its value.