Africa’s wealthiest individual, Aliko Dangote, revealed that his refinery has obtained a license to refine over 300,000 barrels of Nigerian crude per day and is poised to commence the processing of gasoline in the near future. Speaking at the Saudi-Nigeria business roundtable in Riyadh, Dangote emphasized the refinery’s commitment to commencing operations using Nigerian crude rather than foreign inputs.
Dangote expressed confidence in the refinery’s readiness, assuring that the production of gasoline products would commence very soon. While the refinery, initially scheduled to begin production in August, missed its target, Dangote remains optimistic about the imminent launch.
The primary focus of the refinery is to supply gasoline to Nigeria before expanding its exports to the West African region. The Dangote Petroleum Refinery, according to Executive Director Devakumar Edwin, is in the process of importing crude oil, with the first cargo expected within two weeks.
Although the Nigerian National Petroleum Company Limited manages crude oil trading for Nigeria, Dangote disclosed that the NNPCL had committed its crude to other entities. The beneficiaries of the crude were not disclosed by Dangote, but the NNPCL had earlier entered a $3 billion crude oil-for-loan deal with the African Export-Import Bank.
The 650,000 barrel-per-day facility, projected to produce significant quantities of diesel, kerosene, and jet fuel, will receive crude from various producers in Nigeria, including the state oil company. Aliko Dangote, with an estimated fortune of $16.2 billion, remains a key player in the Nigerian business landscape.
Notably, Nigeria recently achieved its highest oil output in almost two years, reaching 1.49 million barrels per day. The introduction of a new crude grade named Nembe, managed through a joint venture between the Nigerian National Petroleum Company and Aiteo Eastern E&P Co. Ltd., aims to boost the nation’s oil output. Despite challenges such as crude theft and pipeline attacks in the Niger Delta impacting Nigeria’s ability to meet its OPEC quota, the country strives to meet revenue targets.