This article presents to you all you need to know about Dangote Refinery, Lagos, on its commissioning by Muhammadu Buhari. The refinery is a very big project, and you deserve to know everything about it. It will help Nigerians and the Nigerian economy a lot.
Before the refinery was built and commissioned, Nigerian depended solely on imported fuel into the country as all of its former refineries are public-owned and non-functional. With this refinery, and other refineries in works, Nigeria will not only stop importing refined fuel and other crude oil products, the country will also be exporting refined crude oil products. This will help the economy of the country a lot.
Now, let’s take a look at what you need to know about this refinery, and all of its economic benefits to the country.
All you Need to Know about Dangote Refinery, Lagos, on its Commissioning by Muhammadu Buhari
1. Dangote Refinery is owned mostly by Dangote Group with Dangote as the CEO. This doesn’t mean that there aren’t other partners in the business; it is just that Dangote is the majority shareholder.
2. Dangote Refinery is located at Lekki area of Lagos State. Particularly it is located in Lekki Free Trade zone.
3. The Dangote Petroleum Refinery is covering a land area of approximately 2,635 hectares, which about the six times the size of Victoria Island.
4. The refinery has its own special Port where it will be exporting the refined crude oil products to the world and other parts of Nigeria and Africa.
5. Dangote Oil Refinery is a 650,000 barrels per day (BPD) integrated refinery.
6. It is Africa’s biggest oil refinery and the world’s biggest single-train facility.
7. The pipeline infrastructure at the Dangote Petroleum Refinery is the largest anywhere in the world, with 1,100 kilometers to handle 3 billion standard cubic feet of gas per day.
8. The Refinery alone has a 435MW power plant that is able to meet the total power requirement of Ibadan DisCo.
9. The Refinery will meet 100% of the Nigerian market requirement of all refined crude oil products and also have a surplus of each of these products for export.
10. Dangote Petroleum Refinery is a multi-billion dollar project that will create a market for $21 Billion per annum of Nigerian Crude. It is designed to process Nigerian crude with the ability to also process other crudes.
11. The Federal Government of Nigeria facilitated most of the fundings for the project through loans and other means.
12. Dangote states that the first set of fuel and other refined crude oil products from the refinery will hit the market in July, 2023.
13. Dangote initially wanted to build the refinery in Ondo State but business bottlenecks and financial frustrations made him consider Lagos. It was Babatunde Raji Fashola that facilitated the allocation of the refinery’s present site to Dangote.
14. The plan of building the refinery started in 2013. The refinery was completed and commissioned for operations in May, 2023, ten years later.
15. On May 22, 2023, it was an iconic day in Lekki, Lagos, as Muhammadu Buhari, President of the Federal Republic of Nigeria commissioned the refinery.
16. They were over five African presidents and leaders present at the commissioning of the refinery.
17. The refinery will not only generate money for Nigeria in billions of dollars, it will also save Nigeria a lot with it’s Forex crisis. Nigeria will gain lot in foreign exchange, strengthening the naira.
18. Alhaji Aliko Dangote will become richer. With the full operation of the refinery in the next five years, Dangote is expected to be richer than his worth of around $10 billion. In the next five years, Dangote should be worth way more than $20 billion. Dangote, of course, will continue to expand his other business interests.
19. Construction of the refinery cost more than $15 billion. The refinery’s worth is more than $20 billion.
20. The Federal Government of Nigeria has a good number of shares and stakes in the refinery.
This is all you need to Know about Dangote Refinery, Lagos, on its Commissioning by Muhammadu Buhari. The refinery will add a lot to Nigeria’s economy and the standard of living of Nigerians. It is a very good project. This is the reason why Buhari is very proud of it that it happened in his administration.