THE paradox that Nigeria’s oil sector may soon be history may not come to past after all, as the world’s wealthiest Black man, Aliko Dangote opens up his 2,635-hectare petroleum refinery facility for business.
President Muhammadu Buhari described the establishment of Dangote Petrochemical Refinery and Petrochemicals in Lagos State as a game-changer and milestone for Nigeria’s economy.
According to Buhari, the Ibeju-Lekki, Lagos State-based complex which he described as the largest single-train facility in the world with a capacity to process 650,000 barrels of crude a day, would enable the country to achieve self-sufficiency in the refined products and a surplus for export.
“This clearly makes this event a notable milestone for our economy and a game changer for the downstream petroleum product market not only in Nigeria but the entire African continent,” he said.
The President lamented that the country’s economy, which has been stressed by factors such as: over a decade of insurgency, global financial crisis, the collapse of oil prices, the coronavirus pandemic, and the Russia-Ukraine War which had caused a strain on the economy which led to huge borrowing so as to provide basic infrastructure.
He said the government must therefore pay attention to creating an enabling environment for the private sector to thrive and fill the enormous gap in investments, not only in infrastructure but also in all critical sectors.
Speaking at the event, the billionaire revealed that the first product of the $12 billion facility “will be in the market before the end of July, beginning of August this year”.
“Beyond today’s ceremony, our first goal is to ramp up production of the various products to ensure that within this year, we’re able to fully satisfy our nation’s demand for higher quality products,” he said.
According to him, the goal is to enable Nigeria eliminate what he described as the tragedy of import dependency and stop — “once and for all” — toxic, substandard petroleum products from being dumped in Nigeria’s market.
“Beyond this, we intend to ensure that our plants are run at the highest capacity of utilisation and the highest efficiency to enable us to export competitively to other markets, especially in the ECOWAS and wider regions in which 53 countries out of 55 are dependent on imports to meet their petroleum products demand,” he added.
Tinubu, who was represented by Vice President-elect, Kashim Shettima, said the accomplishment was highlighted by the “huge” prospects of the “gigantic” project for reversing Nigeria’s reliance on imported petroleum products.
The refinery will also generate a “humongous” quantum of jobs and stablise the naira, he noted.
Arguing that it is safe to say Dangote Refinery will be the most consequential single project to come on stream in recent times, the President-elect stated that the factory is bound to leave a sizable impact on the growth and development of the country’s economy, while positively influencing the lives and wellbeing of the people.
“Therefore, on behalf of the President-elect, Asiwaju Bola Ahmed Tinubu, I heartily commend and congratulate Alhaji Aliko Dangote and The Dangote Group on not only envisioning this significant project but for their courage, resilience, and team power in bringing this edifice to fruition,” Shettima said.
