Dangote Refinery Boosts Nigeria's Refined Oil Production and Market Dominance
Nigeria has taken a significant step towards producing its own refined oil as a million barrels of crude oil were delivered to the new Dangote refinery in Lagos. The refinery, which took nearly seven years to build and cost $19 billion, is expected to produce about 650,000 barrels per day once fully operational. This development is crucial for Nigeria, as it aims to reduce its reliance on imported refined oil and achieve energy self-sufficiency. The facility will initially produce diesel, aviation fuel, and liquefied petroleum gas before progressing to petrol production. The Dangote Group, led by Africa's richest man Aliko Dangote, plans to eventually meet 100% of Nigeria's refined product requirements and have surplus for export.
