Dangote Insists Refinery Comes On Stream July
Currently operating at 350,000 barrels per day, the refinery is slated to scale up to at least 500,000 barrels per day capacity by July/August, and as promised by the owner, the refinery will start producing petrol this month.
The Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin who spoke on behalf of Aliko Dangote assured that the refinery will commence the production of Premium Motor Spirit (PMS), also known as petrol, this month.
Edwin disclosed this when international financial analytics corporation S&P Global’s officials visited the Dangote Refinery at Ibeju-Lekki, Lagos as part of its sovereign credit ratings assessment of Nigeria.
According to him, the move will harness Africa’s abundant crude oil resources to produce refined products locally, adding that the company aims to catalyse a virtuous cycle of industrial development, job creation, and economic prosperity.
Edwin also noted that products from the $20 billion facility are of high quality and meet international standards, saying that it can meet 100 per cent of Nigeria’s demand for petrol, diesel, kerosene, and jet fuel, with surpluses available for export.
On its part, S&P Global said the 650,000 barrels per day refinery could resolve Nigeria’s foreign exchange (forex) issue and its huge pressure on the naira, while accelerating the country’s economic development.
The ratings agency’s team was accompanied on the visit by officials from the Federal Ministry of Finance.
Meanwhile, data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2023, indicated Nigeria spent approximately ₦12tn importing petroleum products in 2023, including petrol. This figure marks an 18.68 per cent increase compared to the ₦10tn spent on fuel imports in 2022.:
Petroleum Products
