Aliko Dangote, the President/CEO of Dangote Industries Limited, has revealed plans to publicly list the subsidiary, Dangote Petroleum Refinery, on the Nigerian Exchange Limited. The announcement comes after resolving challenges related to crude oil supply, and the refinery is set to commence operations in December. Dangote stated that a deal for the first cargo of approximately six million barrels has been finalized.
The refinery, with a full planned capacity of 650,000 oil barrels per day, is expected to produce diesel, kerosene, and jet fuel. At its initial rollout, the refinery will have a capacity of 540,000 barrels per day. The project is anticipated to bring significant economic benefits to Nigeria, saving billions of naira by eliminating the need to import petroleum products.
Industry operators, government officials, and stakeholders express optimism about the refinery’s positive impact on the downstream sector of the Nigerian and African economy. The African Development Bank (AfDB) President, Akinwumi Adesina, considers the Dangote Refinery project as a key driver of growth and a significant contributor to economic development in Nigeria and Africa.
Dr. Chinyere Almona, the Director-General of the Lagos Chamber of Commerce and Industry (LCCI), commends the efforts of Aliko Dangote and the supportive federal government, emphasizing the refinery’s potential to meet Nigeria’s demand for refined petroleum products.
