In a momentous ceremony held on Monday, May 22, 2023, Aliko Dangote, the President and Chief Executive of Dangote Industries Limited, welcomed distinguished guests and expressed his delight at the inauguration of the highly anticipated Dangote Petroleum Refinery and Petrochemicals. Addressing the audience, Dangote confidently announced that the first product from the refinery would hit the market before the end of July or early August this year, marking a significant milestone for the nation.
Dangote emphasized the refinery’s commitment to meeting the nation’s demand for high-quality petroleum products. He expressed gratitude to President Muhammadu Buhari for his unwavering support and inspiration during the project’s challenging phases. The industrialist also commended Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria, for his extraordinary efforts in facilitating the realization of this monumental endeavor.
One of the primary objectives of the Dangote Petroleum Refinery is to eliminate the import dependency that has plagued Nigeria for years, thereby preventing the influx of substandard and toxic petroleum products into the market. The refinery, with its capacity to refine 650,000 barrels per day (bpd), will produce a wide range of refined products, including Premium Motor Spirit (PMS), diesel (AGO), aviation jet fuel, and Dual-Purpose Kerosene (DPK).
Dangote, in his address, underscored the refinery’s potential to revolutionize the Nigerian economy. Not only will it generate hundreds of thousands of job opportunities, but it will also serve as a vital source of raw materials for various industries, including pharmaceuticals, food, beverages, and construction. The ambitious project aligns with the vision of the African Union, promoting regional trade through the African Continental Free Trade Area (AfCFTA).
The industrialist expressed his heartfelt appreciation to the President, the Federal Government, and the Nigerian people for their continuous support throughout the project’s lifespan. Dangote acknowledged President Buhari’s instrumental role in establishing the Lekki Free Trade Zone, which paved the way for the refinery’s creation. He also extended his gratitude to Governor Babajide Sanwo-Olu, former Governor Akinwunmi Ambode, and former Governor Babatunde Fashola for their invaluable assistance.
The inauguration of the Dangote Petroleum Refinery also saw Governor Godwin Emefiele delivering an impactful speech. Emefiele projected that the refinery’s operations would generate a staggering 12,000 megawatts of electricity, providing a substantial boost to the country’s power sector. Furthermore, he anticipated the creation of over 135,000 permanent job opportunities for Nigerian citizens, a significant contribution to tackling unemployment.
Emefiele emphasized the immense economic benefits of the refinery. He estimated that Nigeria could save between $25 and $30 billion annually in foreign exchange by reducing the need for petroleum imports. Additionally, the refinery’s operations would result in an annual inflow of $10 billion into the economy, enhancing the nation’s fiscal stability and promoting sustainable growth.
The commissioning of the Dangote Petroleum Refinery and Petrochemicals marks a pivotal moment for Nigeria’s industrial sector. With its vast capacity and commitment to delivering high-quality petroleum products, the refinery is poised to drive self-sufficiency, create employment opportunities, and boost economic growth. As the refinery’s products enter the market in the coming months, Nigeria is set to witness a transformative shift in its energy landscape, bringing about positive change for the nation and its people.