(3 minutes read)
· Aliko Dangote, the Nigerian businessman announced the oil refinery he is setting up in n his country in Lagos would begin operations by the third quarter of 2022
· The plant will have a processing capacity of 540 000 barrels a day to begin with. It is expected to reach full capacity by the end of the year or early 2023
Bloomberg Billionaires Index has adjudged Aliko Dangote as the richest man in Africa
· The African Development Bank’s board approved in 2014 a US $300 million loan to Dangote Industries Limited to support the construction and operation of the plant
Aliko Dangote, the Nigerian businessman announced the oil refinery he is setting up in his country in Lagos would begin operations by the third quarter of 2022. The plant is billed as a game-changer that will spur Africa’s development and deepen regional integration.
The plant will have a processing capacity of 540 000 barrels a day to begin with. It is expected to reach full capacity by the end of the year or early 2023.
It is widely reported in the Nigerian press that Dangote along with Akinwumi Adesina, the chief of the African Development Bank, visited the Nigerian greenfield crude oil refinery recently. It is expected that the plant will help Nigeria to become self-sufficient in oil refining by 2023. It may be noted that despite being the largest oil producer in Africa, Nigeria imports refined oil for its domestic uses incurring a huge expenditure for the country.
African Development Bank President Akinwumi Adesina has described the Dangote oil refinery and petrochemical plant projects as a “game-changing initiative”. He described the Dangote plant as a model for industrialization and asked every African country to take a cue from it in their drive towards industrialisation.
Bloomberg Billionaires Index has adjudged Aliko Dangote as the richest man in Africa. The African Development Bank’s board approved in 2014 a U $300 million loan to Dangote Industries Limited to support the construction and operation of the plant.
