Aliko Dangote’s Industries Limited has announced that Nigeria’s President Muhammadu Buhari will officially unveil its $19-billion petrochemical complex, the Dangote Oil Refinery, before the end of his term in May 2023, Theliberationnews reports.
The announcement came on almost a week after multiple media outlets, not Theliberationnews reported the project will be commissioned when the President, Muhamadu Buhari Visits Lagos on Monday and Tuesday.
The group, in clear terms, explained that the multimillion-dollar petrochemical company was not included in the president’s list of projects set to be commissioned, which includes a $450-million lubricant plant linked to prominent businessman Sayyu Dantata, Dangote’s cousin, the Lekki Deep Sea Port, a 32-metric-tonne Lagos Rice Mill in Imota, and the Blue Line Rail (Phase 1), among others.
It also reconfirmed that the commissioning of the refinery will take place before Buhari’s departure from office and the public will be informed and invited to witness this historic event.
The Dangote Oil Refinery will boast an impressive capacity of 540,000 barrels of Nigerian oil per day in its first phase of operation, with plans to expand to 650,000 barrels per day in the future.
The complex will also produce 4 million metric tonnes of jet fuel per day, 65 million liters of premium motor spirits (petrol), 15 million liters of diesel, and 3 billion standard cubic feet of gas.
With the anticipated launch of the refinery, Nigeria’s entire demand for refined products will be met, and Dangote is set to become the first African and Black person in history to lay claim to a $30-billion fortune.
As gathered by Theliberationnews, the richest African Man plans to list Dangote Refinery and Petrochemical Ltd. by the first quarter of 2024 at a market capitalization of anywhere between $20 and $25 billion.
