Africa’s Richest Man Launches Africa’s Largest Oil Refinery Company

Africa’s Richest man Aliko Dangote and the owner of the Dangote group launched the Dangote Refinery in Lekki, Nigeria.

According to Dangote, the giant refinery worth $20 billion aims at producing 53 million liters of gasoline, 4 million liters of diesel, and 2 million liters of aviation jet fuel daily.

“There will be constant availability of high-quality fuels for our transportation sector, the refinery will also make available to our industries vital raw materials for a wide range of manufacturing,” said Dangote
Head of Nigeria’s Central Bank Godwin Emefiele said that the refinery is more than able to meet all of Nigeria’s domestic fuel consumption when given its processing capacity.

“Nigeria can be self-sufficient in all products that we consume and at the same time export our excess output to the rest of the world,” added Emefiele.

The Dangote Refinery which covers approximately 2,635 hectares is now Africa’s largest oil refinery and the world’s largest single-train Facility that currently employs 33,000 Nigerians and targets to create up to 100,000 jobs.

The business tycoon capitalized 50% of the funds used to build the refinery from Dangote’s equity investment while the other half was generated from debt finance from banks such as Access and Zenith.

The Dangote refinery intents to double Nigeria’s refining capacity by increasing the demand for fuel domestically, generating foreign exchange through exports, and saving billions of dollars spend yearly to import fuel and other petroleum products.

President Nana Akufo Ado of Ghana was among the head of state who attended the launch, he described the Dangote refinery as a “spectacular project” which “makes West Africa better and stronger.”

Leave a Reply