Workers sit at the construction site of the Dangote Refinery on the outskirts of Lagos, Nigeria, August 7, 2019. REUTERS/Temilade Adelaja/ File Photo
According to a spokesperson, Nigerian President Muhammadu Buhari will commission the Dangote oil refinery in two weeks after years of delays and cost increases.
The 650,000-barrel-per-day refinery built by the Dangote Group is expected to reduce the country's reliance on imports for nearly all of its refined petroleum products.
- The Dangote refinery, near Lagos, started construction in 2016 but experienced years of delays and missed deadlines.
- The project cost has grown to $19B from initial estimates of between $12B and $14B.
- The refinery is designed to process a variety of light and medium grades of crude, producing fuels that meet the Euro-V emissions standards.
- The project has generated thousands of jobs and is part of the country's drive to diversify its economy and boost the industrial sector.
- According to the International Energy Agency, Africa is expected to account for 25% of global oil demand growth by 2040, likely to be met by imports.
- Nigeria topped Africa's crude oil production list in March 2023, producing 1.268 million barrels daily.