Business
Dangote Refinery Update – Untold Gist & What you need to Know
Dangote Refinery Update – Untold Gist & What you need to Know
Nigerian businessman and industrialist, Aliko Dangote (GCON) who also doubles as Africa’s richest man on earth, the Chief Executive of the Dangote Group. He made the first announcement on the refinery project in the year 2013, with an estimated cost of $9bn. The major construction actually began in 2017, which sky rocketed the project estimate to a whooping $15bn.
Dangote Refinery Update
Covering Nigerians Need and Expectation
Nigerians are expectant as the refinery is projected to meet 100% of all refined products required in the country and also having extra for export purposes. On this note, we are hopeful that it will reduce cost of importation of crude oil products in Nigeria.
Report states that, at full capacity activation, the refinery is expected to run 49.4 million litres on a daily basis. It will also produce 26 million litres of diesel, 1.1 million litres of kerosene all on a daily basis.
Aliko Dangote has also made it known to Nigerians, that the land where the refinery operates on was fully acquired and paid for. He also stated that, they did not receive any incentives either from the federal government or Lagos state government.
Dangote Refinery Update
The refinery was actually built from scratch, sitting on 2,635 hectares of swampland. It is about six times the size of Victoria Island in Lagos.
The trends surrounding the Dangote Refinery Update, makes lot of individuals to be inquisitive. As at July 21st 2024, The CEO of NMDPRA, Farouk Ahmed, who claimed Dangote was trying to stop the importation of refined products. It would be curious to suggest otherwise. Why is the government not happy to supply Dangote with feedstock? This is actually a question that need a technical approach to answer.
