The Dangote Group’s highly anticipated oil refinery and petrochemical company, with a capacity of 650,000 barrels per day, is set to be inaugurated by President Muhammadu Buhari on May 22, 2023. This development is expected to boost the Nigerian government’s efforts to achieve self-sufficiency in local crude oil refining and reduce the foreign exchange used for importing petroleum products.
A source from the refinery confirmed to THISDAY that the facility has been completed, with pre-inauguration tests underway. Dangote Industries Limited had previously indicated that the refinery would be inaugurated before President Buhari’s tenure ends on May 29, 2023.
Located in the Lekki Free Zone area of Lagos, the Dangote Refinery complex spans approximately 2,635 hectares, making it larger than Victoria Island. It is not only the largest refinery in Africa but also the world’s largest single-train refinery. Its pipeline infrastructure is the most extensive globally, measuring 1,100 kilometers to manage three billion standard cubic feet per day of gas.
The refinery’s 435MW-capacity power plant can meet the entire power requirement of the Ibadan Electricity Distribution Company (IBEDC). Upon completion, the facility is expected to satisfy 100% of Nigeria’s refined product needs while generating surplus for export. Designed to process Nigerian crude and other crudes, the multi-billion-dollar project will create a market worth $21 billion per annum for Nigerian crude oil.
