Africa’s richest man, Aliko Dangote, has announced that his refinery has successfully obtained a license to refine over 300,000 barrels of Nigerian crude oil per day. This significant development marks a major milestone for the Dangote Refinery, which is poised to become one of the largest and most advanced refineries in the world. The refinery is expected to commence gasoline production in the near future.
Aliko Dangote has expressed his commitment to utilizing Nigerian crude oil as the primary feedstock for the refinery. In an interview during the Saudi-Nigeria business roundtable, Dangote emphasized his desire to start the refinery with domestic resources, showcasing his confidence in the quality and potential of Nigerian crude oil. He stated, “We don’t want to start our refinery with foreign goods, we want to start with the Nigerian crude. We’re more than ready, and you will see our gasoline products soon”.
The license secured by the Dangote Refinery allows for the processing of more than 300,000 barrels of Nigerian crude oil per day. This significant capacity will contribute to Nigeria’s efforts to enhance its domestic refining capabilities and reduce its dependence on imported petroleum products. By refining a substantial portion of the country’s crude oil domestically, Nigeria aims to ensure a steady supply of petroleum products and strengthen its energy security.
The Nigeria National Petroleum Corporation (NNPC) has played a crucial role in this development. As part of the agreement, the NNPC has granted the Dangote Refinery the first right of refusal to purchase approximately 300,000 barrels of crude oil per day for the next 20 years. This strategic collaboration aims to guarantee a consistent supply of crude oil to the refinery, ensuring its smooth operation and contributing to Nigeria’s overall petroleum products supply.
