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Aliko Dangote, Africa’s richest man and founder of the Dangote Group, has revealed that the Dangote Oil Refinery has successfully obtained a license to refine over 300,000 barrels of Nigerian crude daily.
The announcement comes after a Nov. 3 report, which disclosed the refinery’s preparations to receive six crude oil cargoes from the Nigerian National Petroleum Corporation Limited (NNPC).
Originally scheduled to begin production in August, the refinery, boasting a daily capacity of 650,000 barrels, has encountered persistent delays. However, Aliko Dangote remains optimistic, expressing confidence in an imminent commencement.
What Aliko Dangote is saying
At a Saudi-Nigeria business roundtable in Riyadh, Dangote emphasized the refinery’s commitment to initiating operations with Nigerian crude, stating, “We’re more than ready; you will see our gasoline products soon.”
The Dangote Oil Refinery was inaugurated in May amid high expectations. While operational delays have prompted questions about meeting Nigeria’s refined petroleum needs, Dangote asserts the refinery’s first priority is to supply gasoline to Nigeria.
In light of the delays, Dangote assured, “We don’t want to start our refinery with foreign goods.” He remains confident that the refinery will contribute significantly to Nigeria’s economy.
IEA praises Dangote Oil Refinery’s role in shaping Africa’s energy future
Recent commendation from the International Energy Agency (IEA) positions Dangote and his refinery as a transformative force set to drive oil demand growth in the coming decade.
The IEA highlighted the refinery’s potential to benefit African nations heavily dependent on imported refined energy products. By promoting self-sufficiency and reducing reliance on imports, the Dangote Oil Refinery emerges as a key player in shaping Africa’s energy future.
Despite rising demand for oil and gas in Africa, the IEA noted shifting global trends, carrying implications for current and future producers. The agency’s endorsement underscores the refinery’s pivotal role in bolstering regional energy security and stimulating economic growth.
