Aliko Dangote, the President/Chief Executive Officer of Dangote Group, has announced that the $20 billion Dangote refinery in Lekki, Lagos, is set to commence operations by refining 350,000 barrels per day of crude oil.
In an interview, Dangote revealed that a deal has been secured for the first cargo of approximately six million barrels, scheduled for delivery in December 2023.
Dangote expressed confidence that the refinery could achieve its full capacity of 650,000 barrels per day by the end of 2024.
The facility, touted as the world’s largest “single train” refinery with a single distillation unit, has the potential to save Nigeria billions in foreign exchange that is currently spent on imported fuel.
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The billionaire businessman lamented the irony that Nigeria, a significant oil producer for over 50 years, has been unable to refine its own crude in sufficient quantity.
Dangote acknowledged the challenges faced during the massive project, which experienced delays and exceeded the budget by about $8 billion.
Despite the obstacles, he expressed gratitude for reaching the project’s destination.
However, Dangote is currently under scrutiny, facing allegations of underhand business practices and unfair access to foreign exchange.
The Nigerian National Petroleum Corporation (NNPC) has also faced challenges in supplying the required crude to the refinery, but Dangote remains optimistic that oil will start flowing in a matter of weeks.
Addressing concerns about the refinery’s efficiency and functionality, Dangote dismissed doubts, emphasizing that rivals might not fully understand the complexities of running the country’s largest private-sector employer and taxpayer.
In the interview, Dangote refrained from delving into details about the supply tussle with NNPC, with whom he had partnered in 2021, selling a 20% equity stake in the refinery for $2.76 billion.
Despite challenges, he stated, “We have resolved all the issues of supply,” and remains focused on the refinery’s contribution to Nigeria’s energy landscape.
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