Businessman, Aliko Dangote’s Dangote refinery, considered Africa’s largest integrated petrochemical complex, has delayed in starting production.
The delay raised questions about its impact on Nigeria’s role in the global oil market.
The refinery was commissioned with great fanfare in May, adding a milestone to Nigeria’s oil industry.
However, the August production start date originally announced by Dangote Group has now passed with no sign that refined petroleum products will be brought to market.
Former Nigerian President Muhammadu Buhari formally commissioned the refinery, which was considered the world’s largest vertically integrated petrochemical complex.
The monumental project was aimed at repositioning Nigeria as a major player in the global oil market.
Garba Deen, spokesperson for the Nigerian National Petroleum Corporation (NNPCL) stated in June that the company planned to reduce fuel imports once the Dangote refinery began production in August.
However, recent developments have cast doubts on the schedule.
An internal source (name withheld) at the Dangote Refinery said “For now, the management has not come out with any official date for the start of petrol refining at the Ibeju-Lekki facility.”
With an initial capacity of 540,000 barrels per day, the refinery will meet 100 per cent of Nigeria’s refined oil needs while generating a surplus for export, with the potential to generate a staggering $11 billion in annual revenue.
The ambitious $20.5 billion project aimed to make Nigeria a net exporter of refined petroleum products and petrochemicals by 2026, strengthening the country’s economy and reducing its dependence on imported fuels.
Leave a comment