Africa’s wealthiest individual, Aliko Dangote, recently revealed that his refinery has obtained a license to refine over 300,000 barrels of Nigerian crude per day with plans to commence gasoline production in the near future.
In an interview during the Saudi-Nigeria business roundtable in Riyadh, Dangote expressed the refinery’s commitment to utilizing Nigerian crude initially before incorporating foreign inputs into the process.
“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,” affirmed Dangote.
While the refinery’s initial production target of August faced delays, Dangote remains optimistic about the imminent commencement of operations.
The primary focus is to supply gasoline to Nigeria before expanding exports to the broader West African region.
The Dangote Petroleum Refinery, despite initial challenges, is making strategic moves, including importing crude oil.
Devakumar Edwin, the Executive Director of Dangote Group, mentioned that the refinery expects its first cargo in about two weeks.
Dangote did not disclose all entities receiving crude from the Nigerian National Petroleum Company Limited (NNPCL), but a $3 billion crude oil-for-loan deal with the African Export-Import Bank was previously disclosed.
The 650,000 barrel-a-day facility aims to produce significant quantities of diesel, kerosene, and jet fuel, contributing to Nigeria’s oil output growth.
Nigeria, grappling with crude theft and pipeline attacks, saw a 60,000-barrel-per-day increase in oil output last month, reaching 1.49 million barrels per day — the highest in almost two years.
The introduction of the Nembe crude stream through a joint venture with Aiteo Eastern E&P Co. Ltd. further underscores Nigeria’s efforts to boost oil production and revenue targets.