The Dangote oil refinery will begin processing crude in the third quarter of this year, with mechanical work completed and hydro testing (at 70%) nearly completed.
This was revealed over the weekend when Alhaji Aliko Dangote, the President of the Dangote Group, took Akinwunmi Adesina, the President of the African Development Bank (AfDB), and board members of the bank on a tour of the Dangote refinery and fertiliser operations in Ibeju-Lekki.
He stated that the final equipment needed to clean up the project has arrived and that the factory will begin with a processing capacity of 540,000 barrels per day, with full production beginning by the end of the year or early in 2023.
“I also want to express my gratitude to President Muhammadu Buhari, the Governor of the Central Bank of Nigeria (CBN), the Minister of Finance, and the African Development Bank (AfDB) for encouraging us to undertake such a massive project,” he stated.
“Without the support, there is no way we could have succeeded in building this massive industrial plant. This is a major revolution. Once we finish, definitely, it will put Nigeria on the map. So, I want to thank you for your support. And obviously, like Oliver Twist, we will think of other projects and we will come back to you.”
In turn, Adesina stated that he is willing to assist African entrepreneurs in accordance with the free trade deal. He also praised Dangote for his economic acumen and faith in Nigeria, which has led to his massive investment in the country.
“One of the things I appreciate most about you, Alhaji Dangote, is that you believe in Nigeria and invest your money there,” he remarked. You believe in Africa and are willing to put your money there. Nobody could invest billions of dollars in our country unless they had not only the vision but also the commitment and passion for their country.
“We are extremely proud of you, and, of course, of your commitment to the continent. Africa, today, has probably about $38 trillion worth of natural resources, from oil to gas, to metals and agriculture, among others.”
However, we continue to export raw resources. Because they control the top of the value chain, countries that export raw resources will inevitably become poor, whereas countries that export value-added goods will eventually become wealthy.
“What you see here is a man with a vision, a passionate commitment, and a message that it is time for Africa to go up the value chains, control those value chains, and be competitive regionally and worldwide.”
