Africa’s richest man, Aliko Dangote, has opened a US$19 billion (over K20 trillion) oil refinery which is expected to alleviate fuel shortages in Nigeria.
The BBC reported that the plant, which is not yet operational, has the capacity to produce about 650,000 barrels of petroleum products a day – more than enough to supply the country’s needs. It also includes a power station, deep seaport and fertiliser plant.
Nigeria is a major oil producer but most of the oil produced in the country is exported and refined elsewhere while the country imports the refined fuel. The refinery is expected to resolve this challenge.
“This is a game-changer for the Nigerian people,” said President Muhammadu Buhari.
According to the BBC, Dangote’s plant in Lagos, which took nearly seven years to build, is said to be the world’s largest single-train refinery, meaning the plant has one integrated distillery system which can produce a variety of products and petrochemicals, instead of having different units for each type of product.
“Our first goal is to ramp up production of the various products to ensure that within this year, we are able to fully satisfy the nation’s demand for quality products,” Dangote said during the launch on Monday.
The launch has happened days before President Buhari steps down next week after serving two terms in office. He is expected to hand over power to Bola Tinubu, who won disputed presidential elections in February.
This has led to suggestions that the launch is a political statement by the outgoing Buhari administration.
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