The long-awaited Dangote oil refinery is set to begin the production of petroleum products in the third quarter of this year.
The refinery’s mechanical work is complete, and by the end of the third quarter, we should be in the market, Aliko Dangote, Africa’s richest man, said during a briefing at the plant’s site in Lagos.
Dangote stated that the plant will initially process 540,000 barrels per day. Full production can start maybe, by the end of the year or beginning of 2023,” he stated.
The facility, which is expected to cost $19 billion to construct, will have an installed capacity of 650,000 barrels per day. Its output will more than meet Nigeria’s fuel requirements and will transform Africa’s largest crude producer into a refined crude exporter.
Naija News had earlier reported that Dangote’s fortune increased by $1.3 billion in less than a month due to a surge in the share price of his cement company.
Dangote Cement Plc, which represents roughly half of the entrepreneur’s $20.4 billion net worth, closed at its highest level since 2010, adding to the 11% gain in 2022, compared to 7.59 per cent for the Nigerian exchange’s main board in Lagos. The Lagos-based company recently completed a share buyback to boost its value.