Key Points:
Africa’s richest man Aliko Dangote says his massive refinery will stop Nigeria’s need for petrol imports by June.
- This $20.5-billion complex could meet all of West Africa’s petrol and diesel needs, plus Africa’s jet fuel demands.
- Dangote aims to make the refinery a major exporter, potentially supplying refined products across Africa and even beyond.
Aliko Dangote, Africa’s richest man and chairman of Dangote Group, the continent’s most diversified manufacturing conglomerate, said Nigeria could halt premium motor spirit (PMS), or petrol, imports by next month thanks to the Dangote Refinery.
The leading billionaire businessman, whose net worth has dipped $8.6 billion since January’s peak of $23.3 billion, is leading Nigeria towards energy independence with his $20.5-billion Dangote Petrochemical Complex. This mega-refinery boasts a world-leading capacity of 650,000 barrels per day (bpd).
Dangote refinery to end Nigeria’s petrol imports
Speaking at a panel discussion during the Africa CEO Forum Annual Summit in Kigali on Friday, Dangote highlighted that the refinery, already supplying diesel and aviation fuel domestically, can meet the entire West African region’s diesel and petrol needs, along with the aviation fuel demands of the entire continent.
“Right now, Nigeria has no cause to import anything apart from gasoline,” he declared. “By sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like petrol — not one drop of a liter,” he declared.
Dangote Oil Refinery eyes exports beyond Africa
Located on the outskirts of Lagos, the Dangote Petrochemical Complex represents a significant leap for Nigerian industrial development. Beyond refining, the complex houses a polypropylene plant producing 1 million metric tonnes annually and two of the largest fertilizer trains with a combined annual capacity of 3 million tonnes of urea.
Dangote, also the world’s wealthiest Black person, emphasized the oil company’s progress and its focus on reducing the continent’s reliance on imports in the near future. The business magnate also outlined ambitious plans to expand the refinery’s reach beyond Nigeria, aiming to become a major exporter of refined products across Africa, potentially reaching as far as Brazil.
The $20.5-billion Dangote Oil Refinery has begun supplying petroleum products domestically. Additionally, a recent tender for 24 million barrels of U.S. crude oil over the next year signals the refinery’s intention to become a significant player in global crude and fuel markets.
