All hail Nigeria as $18.5b Dangote refinery produces first products in July
…Ghana, Niger, Togo, Senegal other presidents laud project
…They doubted our power to succeed in this project, says Emefiele
inauguration of the world largest single train refinery – Dangote refinery has finally launched Nigeria into the comity of fuel exporting nations.
President Mohammed Buhari yesterday commissioned the 650,000 barrels per day (bpd) refinery to turn around the fortunes of the country from a crisis-ridden fuel economy to a major petroleum exporter.
The new refinery, according to Dangote can meet 100 per cent of the Nigerian requirement of all refined products (Gasoline, 53 million litres per day; Diesel, 34 million litres per day; Kerosene, 10 million litres per day, and Aviation Jet, 2 million litres per day) and also have surplus of each of these products for export.
The $18.5 billion refinery is expected to roll out first product into the market before the end of July this year.
It has been estimated that the refinery would add about $21 billion (N9.7 trillion at the current exchange rate) yearly to the Nigerian economy.
The refinery is laced with a 435 megawatts (MWs) power plant, which is said to have the capacity to meet the total power requirement of five states.
The facility has 177 tanks of 4.742 billion-litre capacity, while the temporary housing units on the premises can house 33,000 persons.
Sitting on 2,635 hectares of land located in Dangote Industries Free Zone in Ibeju-Lekki, Lagos, and will provide employment to over 100,000 persons.
At the ceremonious event, which threw the city of Ibeju-Lekki in Lagos State agog yesterday, several African head of states applauded the feat, describing it as a significant milestone for Nigeria’s economy and a game changer for the downstream petroleum products market in the entire African region
President Buhari was accompanied by his counterparts from Ghana, Niger, Togo, Senegal, and Chad (represented).
He described the project as a clear example of what can be achieved when entrepreneurs are encouraged and supported and when an enabling environment is created for investments and for businesses to thrive.
He said:‘‘I am confident that my successor, His Excellency Asiwaju Bola Ahmed Tinubu, will sustain the improvement in our economic and business environment and strengthen the framework of our public private partnership policies to accelerate the pace of our economic growth and development.”
He stressed the need for African countries to come together, integrate their economies, eliminate trade barriers, and rally their populations to achieve Agenda 2063 for the continent’s prosperity.
President, Dangote Group, Aliko Dangote, said the project was initiated with a vision to produce, consume and promote self sufficiency in the basic needs of Nigerian people, while competing globally in areas of the nation’s comparative and competitive advantage.
He said: “We entered the market boldly with a vision to invest in a greenfield refinery that will transform the industry in Nigeria and Africa as a whole. And that is why we went for the biggest refinery ever built in the world”.
He said the state of the art technology and scale in capacity of the facility would be a game changer in Africa and the global market.
“We have built a facility with a capacity of 650,000 barrels per day of crude oil, plus 900,000 metric tons of polypropylene in a single train, which is the largest build ever. We have selected the best plant and equipment and the latest technology from across the globe,”he stated.
Dangote, who patiently appreciated everyone that has impacted in the project, said “the products slate is designed to meet the highest quality standards of high-value products including Premium Motor Spirit (PMS), Automotive Gas Oil (Diesel), Aviation Turbine Kerosine (ATK); all of Euro V Standards that will enable it not only meet our country’s demand but also to become a key player in the African and global market,”
He said the “first products from the refinery would be in the market before the end of July this year”.
He noted that 80 per cent of the production could be discharged through trucks nationwide.
According to him, the refinery operation and ancillary businesness will generate massive job opportunities, while the downstream value chain will equally provide far more absorptive capacity for labour in hundreds of thousands.
He emphasised that, “once our plant is fully onstream, we expect that at least 40per cent of the capacity will be available for export and this will result in significant foreign exchange inflows into the country”.
Group Managing Director, Nigerian National Petroleum Company (NNPC), Mele Kyari, assured that the company would continue to support investment in domestic refining to satisfy growing demands.
“We are committed to continue to add value here at home from the extractive industries in order to maximize benefits and value to all Nigerians. The NNPC limited will continue to support investment in domestic refining to satisfy growing demands for reform that will produce in what local or regional markets as against simply exporting unprocessed crude to diminish in markets overseas.
Governor, Central Banks of Nigeria (CBN), Godwin Emefiele said the project has re-written Nigeria’s history on a trajectory of growth.
He said some foreigners doubted the project at initial stage, but it has now become a reality.
“They doubted our powers to succeed in the project. They believed that project of such are only undertaken by sovereign and not individual, but today we have proved that we have capacity. Today, history is made in Nigeria,” he said.
President-Elect, Bola Tinubu, represented by the Vice-President Elect, Kashim Shetima congratulated Dangote for his courage and reseilence in bringing the huge project to fruition.
He assured that the incoming administration will do everything to sustain the tempo of the project.
President of Ghana, Nana Akufo Addo, said Dangote refinery makes Africa better and stronger.
He said African nations must add value to their resources and not transmit them in raw form, as this would further aid the economy ascend to the level of advanced countries.
President of Senegal, Macky Sall, said the Dangote group has been part of African solution for several years.
He stressed the need for more investment into power sector in order to give sustainable electricity to African people.
