Dangote Oil Refinery is preparing to change Africa’s oil market, with an estimated annual income of $27 billion.
The Dangote Petrochemical Complex, located in Lekki, is slated to commence operations with a predicted annual revenue of $27 billion at full capacity. The complex’s initial concentration will be on diesel, aviation fuel, and gas production, with petrol production anticipated for a later stage.
The arrival of the first crude shipment to the megarefinery last Friday represented a huge milestone for the plant, overcoming years of delays. The OTIS tanker docked at Lekki, Nigeria’s nearest land port to Dangote’s offshore oil receiving station, with a cargo of 950,000 barrels of Agbami crude.
The refinery will initially process 350,000 barrels of crude oil per day, with plans to eventually rise to a maximum capacity of 650,000 barrels per day. The initial focus will be on producing diesel, aviation fuel, and gas, with petrol production following later.
The huge refinery was granted a license in November to process over 300,000 barrels of Nigerian oil per day. Dangote highlighted the facility’s commitment to prioritizing Nigerian crude for its initial operations during a recent business roundtable in Riyadh, strengthening the refinery’s strategic alignment with the country’s energy resources.
Celebrations and praises poured in for Dangote’s historic feat, with Nigerian billionaire Femi Otedola turning to social media to express his heartfelt congratulations. In a post dubbed the “8th Wonder of the World,” Otedola praised Dangote’s visionary leadership and constant pursuit of greatness.
In his congratulatory message, Otedola stated, “I heartily congratulate my bestie Aliko Dangote as the Dangote Refinery begins production. This is more than an industrial achievement; it’s a testament to the visionary leadership and relentless pursuit of excellence of one of Africa’s finest patriots.”
The start-up of production at the Dangote Oil Refinery represents a watershed moment not only for Nigeria, but for the entire African continent, representing a huge step toward self-sufficiency in the oil and gas sector.