President Muhammadu Buhari is set to inaugurate the highly anticipated oil refinery and petrochemical company of the Dangote Group on May 22, 2023. It will have a daily capacity of 650,000 barrels. The Nigerian government’s ambitions to become self-sufficient in the local refining of crude oil and decrease the amount of foreign currency utilized for petroleum product imports are anticipated to be boosted by this breakthrough.
A source from the refinery confirmed that the facility has been completed, with pre-inauguration tests underway. Dangote Industries Limited had previously indicated that the refinery would be inaugurated before President Buhari’s tenure ends on May 29, 2023.
Located in the Lekki Free Zone area of Lagos, the Dangote Refinery complex spans approximately 2,635 hectares, making it larger than Victoria Island. It is not only the largest refinery in Africa but also the world’s largest single-train refinery. Its pipeline infrastructure is the most extensive globally, measuring 1,100 kilometers to manage three billion standard cubic feet per day of gas.
The facility is anticipated to completely meet Nigeria’s demand for refined products upon completion, producing surplus for export. The multi-billion dollar project, which is intended to process crude oil from Nigeria and other countries, will develop a market for Nigerian crude oil worth $21 billion annually.
