Good News For Naira as Dangote Gets Govt Approval to Refine 300,000 Barrels of Crude Daily
- The federal government has permitted Dangote refinery to begin processing 300,000 crude
- This was confirmed by Aliko Dangote while speaking in an interview in the Kingdom of Saudi Arabia
- The refinery, which took nearly seven years to build, is said to be the world's largest single-train refinery
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Dave Ibemere has over a decade of experience covering tech, energy, stocks, investments, and the economy.
Dangote refinery has secured a license from the federal government to refine more than 300,000 barrels of Nigerian crude per day.
Aliko Dangote disclosed this in an interview with Bloomberg on the sidelines of the Saudi-Nigeria business roundtable.
Source: UGC
When production finally begin, it will help bring respite for naira and provide the Central Bank of Nigeria the needed oil dollars to defend the currency.
Dangote refinery get ready
Speaking on the steps taken so far to kick start production, Africa's richest man assured that production will begin soon.
His words:
“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. we will start very very soon”.
Dangote promised to help Nigeria solve its petrol challenges with the 650,000 barrel-a-day facility.
The refinery's priority is to supply petrol to Nigeria before exporting to elsewhere, including the West African region, TheCable reports.
Dangote added:
"The refinery is expected to produce 27 million litres of diesel, 11 million litres of kerosene and 9 million litres of jet fuel — will receive crude from other producers in Nigeria, as well as the country’s state oil company."
The Nigerian National Petroleum Company (NNPC) Limited is expected to allocate 6 million barrels of crude oil to Dangote Refinery in December 2023.
Dangote loses Over N500bn in hours, Africa's richest man title in jeopardy again
Earlier, Legit.ng reported that the Nigerian billionaire suffered a massive drop in his wealth, affecting his position in the list of wealthiest men in the world.
Data from Forbes shows that Dangote's net worth stood at $10.6 billion as of Thursday, August 31, 2023, after he lost $716 million( about N553.82 billion).
Although Dangote's current net worth still maintained his position as the wealthiest man alive in Africa, he has fallen in the global billionaire rankings to 174th place.
Source: Legit.ng
