
Africa's richest man’s biggest bet: The $23 billion investment in Dangote Refinery
Reflecting on the decade-long journey to completion, Dangote told Forbes, “If this didn’t work, I was dead.”
Reflecting on the decade-long journey to completion, Dangote told Forbes, “If this didn’t work, I was dead.”
This follows Dangote Oil Refinery’s recent move to lower its ex-depot price by 6.3 percent, from N950 ($0.64) to N890 ($0.60), after a drop in global crude oil prices.
Dangote Refinery is boosting storage capacity by 41.67%, adding 6.3 million barrels to ensure a stable imported crude oil supply.
His $20-billion refinery project aims to secure the nation's energy independence, though political corruption threatens to undermine his efforts.
The meeting, anticipated between Tuesday and Wednesday, aims to establish pricing and supply terms for petrol from the $20-billion refinery.
Dangote Oil Refinery secures an exclusive deal to supply jet fuel to all Nigerian airlines, stabilizing the aviation sector and marking a major step toward energy self-sufficiency.
Nigerian billionaire Femi Otedola praises the Dangote refinery for its impact on reducing Nigeria's dependency on fuel imports.
The petrochemical complex was previously scheduled to begin churning out premium motor spirit (PMS) in June.
Dangote’s refinery project represents a monumental effort to industrialize Africa and underscores his belief in the continent’s potential to drive its own development.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) expects the Dangote refinery to reduce diesel prices further.
The recent decision to ramp up operations, follows Dangote Refinery’s move to slash diesel prices in Nigeria, marking a substantial decrease from previous rates.
The recent price cut follows the commencement of operations at the Dangote Oil Refinery, a landmark achievement for Nigeria’s pursuit of energy independence.
The marketers have registered for the lifting and distribution of refined petroleum products.
Otedola congratulated Dangote on the launch of the Dangote Oil Refinery, a $20-billion project.