Dangote’s US$14 Billion Refinery to Take-Off in 2020

Dangote refinery
  • Dangote’s US$14 Billion Refinery to Take-Off in 2020

Africa’s richest man, Aliko Dangote, has said his 650,000 barrels per day refinery will begin operation in the first quarter of 2020.

Dangote, who was attending FT Africa Summit in London, said he expects the technical work on the refinery to be completed by the end of next year and actual operation to commence in 2020.

Last year, the billionaire promised Nigerians, especially the Minister of State for Petroleum Resources, Ibe Kachikwu, that the refinery will start operation in 2019. However, due to unforeseen challenges, the project completion has been delayed.

Dangote explained that he had to build a new jetty to handle the delivery of heavy equipment needed to complete the project as Nigerian ports were not built to handle mega projects like Dangote refinery.

He further stated that because of the environment in which the refinery is being built, he has to construct 138 kilometres of road within the area to move equipment around.

Nigeria currently imports 90 percent of its refined petroleum products but with the completion of Dangote’s US$14 billion refinery, Nigeria will become a net exporter of refined petroleum products.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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