"Renewed Hope is Here": APC UK Reacts as Dangote Refinery Begins Production of Diesel
- After a long wait, on Friday, January 12, operations officially began at the Dangote Refinery and Petrochemical Company
- It was gathered that it received its fifth crude oil shipment, consisting of one million barrels of Bonny Light, provided by the Nigerian National Petroleum Corporation Limited last week
- The oil processing facility, with a capacity of 650,000 barrels per day, commenced its operations in May 2023
PAY ATTENTION: The 2024 Business Leaders Awards Present Entrepreneurs that Change Nigeria for the Better. Check out their Stories!
Legit.ng journalist Segun Adeyemi has over 9 years of experience covering political events, civil societies, courts, and metro
Lekki, Lagos - The Dangote Refinery, situated in Nigeria's commercial hub, Lagos, and recognised as the world's largest single-train refinery, has commenced production.
This development was confirmed in a video post by the United Kingdom block of the All Progressives Congress (APC) on its official Facebook page.
Source: Facebook
The post came with the hashtag caption:
"Renewed hope is here."
The refinery officially started operations on Friday, January 12, after receiving a substantial supply of six million barrels of crude this week, in addition to earlier batches.
Originally slated to begin operations in June 2023, the refinery, spearheaded by Aliko Dangote, initiated its production phase after receiving its initial crude deliveries late last year, marking progress for the previously delayed megaproject.
Billed as Africa’s largest of its type, the 650,000 barrel-per-day Dangote refinery could be a game changer for Nigeria’s economy when fully operational by helping end the country’s reliance on fuel imports.
The Dangote Petroleum Refinery, situated on 2,635 hectares in the Lekki Free Zone near Lagos, has commenced its initial production phase, focusing on manufacturing diesel and aviation fuel, with plans to produce petrol later.
Despite being one of Africa's major oil producers and the continent's largest economy, Nigeria heavily relies on imported fuel due to insufficient refining capacity.
Dangote Refinery cost $19bn
The refinery, costing around $19 billion, aims to meet the country's entire demand for refined products and generate surpluses for export.
Initially slated for a 2021 opening, the facility was inaugurated in 2023 by former President Muhammadu Buhari.
President Bola Tinubu, who assumed office in May, has implemented economic reforms, including ending fuel subsidies and floating the naira to attract foreign investment and foster long-term growth.
While acknowledging the initial challenges, such as increased fuel prices and a weakened currency, Tinubu urged Nigerians to be patient with the reform program.
Simultaneously, the Port Harcourt refinery is anticipated to commence production.
Dangote makes over N217bn in 24 hours, surpasses 56 billionaires in world ranking
In another report, Dangote has jumped 56 places in the billionaire ranking and is now getting closer to breaking into the top 100.
The latest data shows that the richest Nigerian man's wealth increased even further by over N217 billion in 24 hours.
His new-found wealth is thanks to the strong performance of Dangote Cement on the NGX.
PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters!
Source: Legit.ng
