The Dangote Refinery has started production on Friday, January 12, 2024. The largest single-train refinery in the world started operations in the early hours of Friday.
Six million barrels of crude oil supply were delivered to the refinery this week, supplementing previous batches that had also been received.
Despite the initial target for commencement in June 2023, Aliko Dangote’s oil refinery received its inaugural crude deliveries late last year, marking a significant move toward initiating the delayed megaproject.
The production’s first phase will prioritize diesel and aviation fuel, followed by the subsequent production of petrol.
What you should know
- Despite being one of Africa’s largest oil producers and the continent’s leading economy, Nigeria heavily depends on imported fuel and diesel due to inadequate refining capacity.
- In addition, Nigeria faced significant foreign exchange challenges due to the heavy burden of fuel imports and subsidies during a period of declining oil revenues and shortages in foreign currency.
- Dangote Petroleum Refinery can meet 100 per cent of Nigeria’s requirement of all refined products, gasoline, diesel, kerosene, and aviation jet, and also have a surplus of each of these products for export,” the company said in a statement.
- The refinery, first scheduled to open in 2021, was officially inaugurated by then-president Muhammadu Buhari in 2023.
- Since assuming office in May, President Bola Tinubu has implemented economic reforms, including the discontinuation of the longstanding fuel subsidy and the floatation of the naira currency. He aims to attract foreign investment and foster long-term growth.
- As the Dangote refinery begins production, the Port Harcourt refinery is also expected to start production.
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The last line under your 1st statement in the ‘what you should know’ section is incorrect. The reason isn’t due to inadequate capacity, it’s due to non-functioning refineries and to call it out clearly- corruption. If the 4 state owned refineries were working at optimal capacity and we couldn’t meet local demand, then your statement would have been correct.
We should always state things as they are. If you were scared to mention corruption as the main driver, just say they aren’t functional for ‘various reasons’.