Africa’s richest man Aliko Dangote’s Dangote Industries Limited has announced that Nigeria’s President Muhammadu Buhari will officially
unveil its $19-billion petrochemical complex, the Dangote Oil Refinery, before the end of his term in May 2023.
The announcement comes nearly a week after multiple media outlets reported on the project’s impending launch by Buhari during his visit to Lagos.
The group highlighted that the petrochemical complex was not included in the president’s list of projects set to be commissioned, which includes a $450-million lubricant plant linked to prominent businessman Sayyu Dantata, Dangote’s cousin, the Lekki Deep Sea Port, a 32-metric-tonne Lagos Rice Mill in Imota, and the Blue Line Rail (Phase 1), among others.
It also reconfirmed that the commissioning of the refinery will take place prior to Buhari’s departure from office and the public will be informed and invited to witness this historic event.
The Dangote Oil Refinery will boast an impressive capacity of 540,000 barrels of Nigerian oil per day in its first phase of operation, with plans to expand to 650,000 barrels per day in the future.
The complex will also produce 4 million metric tonnes of jet fuel per day, 65 million liters of premium motor spirits (petrol), 15 million liters of diesel, and 3 billion standard cubic feet of gas.
With the anticipated launch of the refinery, Nigeria’s entire demand for refined products will be met, and Dangote is set to become the first African and Black person in history to lay claim to a $30-billion fortune.
According to insiders at Dangote Group, who spoke to Billionaires. Africa on the condition of anonymity, the Nigerian billionaire plans to list Dangote Refinery and Petrochemical Ltd. by the first quarter of 2024 at a market capitalization of anywhere between $20 and $25 billion.