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Aliko Dangote, who is Africa's richest person, said the Dangote
refinery, in Nigeria's economic hub of Lagos, will more than
double its current existing capacity of 650,000 barrels per day
with the aid of external financing.
“When it is completed, this will be the largest refinery ever
built at a single site, surpassing India’s Jamnagar refinery,”
Dangote told reporters on Sunday, referring to the world's
biggest refinery in India.
Nigeria is one of Africa’s top oil producers but imports refined
petroleum products for its own use. The nation’s oil and natural
gas sector has struggled for many years, and most of its
state-run refineries operate far below capacity because of the
poor maintenance.
The privately run Dangote refinery has helped with local and
international demands since it started production in January
2024.
The industrialist, however, said the expansion is needed to meet
growing demands locally and abroad.
The expansion reflects “confidence in Nigeria, in Africa, and in
our capacity to shape our own energy future,” he added.
The planned expansion is a laudable move but not much is known
yet regarding its timeline and available finances, said Ikemesit
Effiong, partner at Lagos-based SBM Intelligence research firm.
The $19 billion refinery took nearly a decade to complete.
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