Dangote Launches Africa’s Biggest Oil Refinery

History was made as President Muhammadu Buhari inaugurated the first indigenous refinery in Nigeria, the U.S.$18.5 billion Dangote Petroleum Refinery, in Ibeju-Lekki, Lagos.

Africa’s richest man, Aliko Dangote, owns the new refinery, which aims to address the ongoing fuel shortages in Nigeria, Africa’s biggest oil producer.

The refinery is expected to boost domestic refining capacity, getting rid of the current consumption shortfall. It will also reduce import dependency and stimulate economic growth. Nigeria’s existing refineries, plagued by operational inefficiencies under government control, have failed to meet the growing demand for petroleum products. Substantial imports have become necessary, reports Nnaemeka Vincent Emodi for The Conversation.

At the launch, Dangote outlined his hopes for the refinery: “Our first goal is to ramp up production of the various products to ensure that within this year (2023), we are able to fully satisfy the nation’s demand for quality products.”

President Muhammadu Buhari described the Dangote Refinery as a significant milestone for Nigeria’s economy and a game changer for the downstream petroleum products market in the entire African region. Downstream products in the oil industry refer to refined products derived from crude oil such as petrol, diesel, and lubricants.

Dangote Came To Lagos With Nothing, Built An Empire In 45 Years – Sanwo-Olu

Governor Babajide Sanwo-Olu of Lagos State has hailed the entrepreneurial spirit of Aliko Dangote.

Sanwo-Olu spoke on Monday during the commissioning of the Dangote Petroleum Refinery and Petrochemical Project in Lagos.

While praising the efforts of the Chief Executive Officer of Dangote Group, the Lagos State leader said his story is worthy of commendation and emulation

“The first story is about a young Nigerian 45 years ago and you see the coincidence in the story,” he said at the event in the Lekki area of Lagos.

“45 years ago, who came to Lagos, all the way from another mega-city, Kano, who saw the prosperity, the diversity of our country, who came with nothing but in 45 years has built the biggest empire in the world for Africa.”

While also speaking at the event, Dangote lauded Lagos State for creating conducive environments for businesses.

“Those like me, who have made Lagos our home will testify that since the beginning of the current democratic dispensation, the government of Lagos State has been exceptionally remarkable in its commitment and support for the private sector,” he noted.

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