The first refined petroleum products from the Dangote Refinery and Petrochemicals are expected in the market before the end of July 2023.
The President of Dangote Group, Mr. Aliko Dangote, disclosed this while delivering his speech during the official commissioning of the refinery yesterday in Ibeju-Lekki, Lagos.
He said the group’s huge investment of over $18.5 billion in the oil and gas industry was informed by the desire to support and contribute its quota to the federal government’s sustained effort to transform the economy and properly position the country as the leading nation in Africa and a respected member among emerging economies in the world.
“This commissioning ceremony is just the beginning of a great journey, a milestone in a new and exciting trajectory for the downstream sector of Nigeria’s oil and gas industry.
“It is our firm commitment that we will replicate in this sector, what we have achieved in the cement and fertilizer markets, where Nigeria transited from being the largest importer of these products to a net exporter.
“Beyond today’s ceremony, our first goal is to ramp up production of the various products to ensure that within this year, we are able to fully satisfy our nation’s demand for high quality products to enable us eliminate the tragedy of import dependency and stop, once and for all, the dumping in our market of toxic sub-standard petroleum products. Our first product will be in the market before the end of July this year,” he said.
He assured that “there will be constant availability of high-quality fuels for our transportation sector; the refinery will also make available to our industries vital raw materials for a wide range of manufacturing.”
He added: “Our group’s corporate vision is driven by our mission to produce what we consume and to promote self-sufficiency in the basic needs of our people. We decided on a plant designed with state-of-the-art technology and a scale in a capacity that will be a game-changer in Africa and the global market.
“We have built a refinery with a capacity to process 650,000 barrels per day in a single train which is the largest in the world. We have selected the best plants, equipment and the latest technologies from across the world.
“We have selected the best plants and equipment and the latest technologies from across the world.
“Also, the products slate is designed to meet the highest quality standards of high-value products including premium motor spirit (PMS), automotive gas oil (diesel), aviation turbine kerosene (ATK); all of Euro V Standards that will enable us not only meet our country’s demand but also to become a key player in the African and global market,” Dangote stated
Besides, he said the company would ensure that its plants are run at the highest capacity and efficiency to enable it to export competitively to other markets.
“This is a clear opportunity for Nigeria given the African Union’s commitment to the creation of an African Common Market through the recently established African Continental Free Trade Area (AFCFTA) regime,” he said.
He further stated that as soon as the plant is fully on stream, at least 40 per cent of the capacity will be available for export.
Also speaking at the event, President Muhammadu Buhari praised Dangote for the feat and urged other entrepreneurs to emulate his example in driving economic growth and realizing Nigeria’s economic potential.
He said the facility “is a clear example of what can be achieved when entrepreneurs are encouraged and supported and when an enabling environment is created for investments and for businesses to thrive.
He said he was confident that the new administration which comes on board on May 29 “will sustain the improvement in our economic and business environment and strengthen the framework of our public-private partnership policies to accelerate the pace of our economic growth and development.”
Buhari who was joined in the historic commissioning by the president of Ghana, Mr. Nana Addo; the president of Niger Republic, Mr. Mohammed Bazoum; the president of Chad, Mr. Mahamat Derby; the president of Senegal, Mr. Macky Sall and the president of Togo, Mr. Faure Gnassingbé, stressed the need for African countries to come together, integrate their economies, eliminate trade barriers, and rally their populations to achieve Agenda 2063, for the continent’s prosperity.
‘‘I urge and encourage our other great entrepreneurs to emulate this iconic Nigerian industrialist and join the Government in accelerating our growth in order to realize our country’s globally recognized economic potential.
“When I travel around Africa and meet and engage my brother Heads of State (and I am delighted some of their Excellences are here) I often sense a quiet expectation that our country is blessed with resources and human capacity to lead Africa’s rise to economic prosperity and the attainment of Agenda 2063 – ‘The Africa we all want.’
‘‘But to achieve the goals of Agenda 2063, Africa must come together – we must integrate our economies, eliminate barriers to trade and energize our youthful population to scale up our production capacity.
“We must create necessary conditions for our private sector to grow and partner with the public sector to accelerate economic growth across the continent.
“We must not allow outside powers to use some of our leaders to destabilize our economic and political trajectory,’’ he said.
