Dangote’s Petroleum Refinery set for inauguration today

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In an epoch-making event that will positively transform Nigeria’s oil and gas sectoral landscape, President Muhammadu Buhari will today inaugurate Dangote Petroleum Refinery and Petrochemicals, the world’s largest single train refinery in Ibeju-Lekki, Lagos, alongside his counterparts from Ghana, Togo, Senegal, Niger, and Chad.

Promoted by Africa’s richest man, Aliko Dangote, the petroleum refinery with a capacity to process 650,000 barrels per day (bpd) is sitting on 2,635 hectares of land located in Dangote Industries Free Zone in Ibeju-Lekki, Lagos, and will provide employment to over 100,000 persons.

The coming on stream of the gigantic project is expected to mark Nigeria’s exit from the league of oil rich nations but which are heavy importers of the petroleum products.

Expected at the historic event apart from international dignitaries are Presidents of Togo, Gnassingbé Eyadéma; Ghana’s Nana Akufo-Addo; President of Senegal, Macky Sall; President of Niger Republic, Mohamed Bazoum, President of Chad, Mahamat Déby and a host of ambassadors

President Paul Kagame of Rwanda, who will not be physically present will however present his goodwill message virtually.

As at the time of filing this report, all the 36 state governors and most of the governors-elect, ministers, senators, and captains of industries in Nigeria and others from outside the country, global oil traders, top international bankers and international multilateral agencies have indicated readiness to grace the ceremony.

Nigeria’s president-elect, Bola Ahmed Tinubu, whose administration as the governor of Lagos in 2002 floated the Free Trade Zone in Ibeju-Lekki where the Refinery is located, is expected to be at the event.

The commissioning of Dangote Petroleum Refinery is significant given that it is the first time that a refinery of such magnitude built by an individual is being inaugurated.

Dangote’s petroleum refinery is expected to meet the needs of Nigerian consumers and those in neighbouring countries, while allowing for exports beyond the African continent. The refinery will drive the promotion of the African Continental Free Trade Area (AfCFTA) as over 50 countries in the trade bloc depend on imported refined petroleum products.

According to the Facts Sheet on Dangote Petroleum Refinery, the new Refinery can meet 100% of the Nigerian requirement of all refined products (Gasoline, 53 million litres per day; Diesel, 34 million litres per day; Kerosene, 10 million litres per day, and Aviation Jet, two million litres per day) and also have surplus of each of these products for export.

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