President of Dangote Group, Aliko Dangote, has given an indication that the refinery inaugurated in Lagos on Monday cost over $18bn.
He said this while unveiling the promise of economic expansion not only for Nigeria but Africa in general.
Speaking at the event that attracted Presidents and many other dignitaries, Dangote, who is Africa’s richest man, said:
“We have built a refinery with a capacity to process 650,000 barrels per day (plus 900,000 tonnes of polypropylene) in a single train – which is the largest in the world. We have selected the best plants and equipment and the latest technologies from across the world.
”Our products slate is designed to meet the highest quality standards and high-value products including Premium Motor Spirit (PMS), Automotive Gas Oil (Diesel), Aviation Turbine Kerosine (ATK); all of Euro V Standards that will enable us not only meet our Country’s demand but also to become a key player in the African and global market.
”Our coastal location and offshore loading and offloading (SPM) facilities with a capacity to receive all our crude oil supplies and evacuate up to 75% of our liquid products give us direct access to the rest of Africa and the global market for exports.
“In addition, 80 percent of our production can be discharged through trucks nationwide.”
He disclosed that the huge investment of over 18.5billion dollars in the industry was prompted by the company’s desire to support and contribute to transforming Nigeria’s economy and reposition the country as a respected emerging economy in the world.
According to him, apart from ensuring consistent supply of high-quality fuels for the transportation sector, the refinery will provide essential raw materials to a wide range of manufacturing sectors, including plastics, pharmaceuticals, food and beverages, packaging, construction, and more.
He further stated that the refinery’s operation and related businesses would generate a substantial number of job opportunities.
He stated that the downstream supply and distribution of its products would significantly contribute to the absorption of labor, potentially benefiting hundreds of thousands of individuals.
”Once our plant is fully on stream, we expect that at least 40% of the capacity will be available for export and this will result in significant Foreign Exchange inflows into the country.
”Overall, we are committed to operating our plant in line with international best practice requirements, recognizing the importance of protecting the environment, and putting in place stringent environmental, health and safety policies, to ensure that the refinery operates in a safe and sustainable manner,” he said.