DOWNSTREAM: Dangote Refinery reaches 80.3% completion in Nigeria — Report
The $12 billion Refinery has reached 80.3 percent completion, according to the Department of Petroleum Resources, DPR.
“The refinery is a 650, 000 barrels/day integrated refinery situated in the Lekki Free Trade Zone in Lagos. The refinery is expected to produce up to 50 million liters of gasoline and 15 million liters of diesel daily.
“The Dangote Oil Refinery has much significance for the Nigerian economy that is dependent on imported refined fuel products to lack of domestic refining capacity. The refinery is aimed at boosting Nigeria’s refining capacity and help meet the increasing domestic fuel demand while generating foreign exchange through exports.”
It added: “Official data by the National Bureau of Statistics showed that Nigerians consumed about 57 million litres of petrol daily. Thus, we expect the commencement of operations at the Dangote Refinery to reduce Nigeria’s demand for imported fuel with consequent effect on pump price.”
Previously, the Project Management Institute (PMI) had listed in its annual list of Influential Projects for 2020, adding that, “Most Influential Projects” highlights compelling projects around the world and across industries that achieved significant milestones and impacted society.
Otema Yirenkyi, PMI’s Vice President of Global Engagement stated: “When it’s completed in 2021, the Dangote Oil Refinery in Nigeria will be the largest oil refinery in Africa and one of the largest in the world, processing 650,000 barrels of crude oil per day and creating nearly 35,000 jobs in and around Lagos. But its benefits run deeper than that.
By creating a self-sustaining supply of high-quality refined petroleum products, the project will reduce the country’s reliance on imports, help stabilize its currency, and aid in the fight against poverty. And the project team, led by Mr. Devakumar V.G. Edwin has seemingly planned for everything: from providing on-site housing to avoid a pandemic lock-down to training the engineers that will be needed to operate the refinery.
“Our 2020 list of Most Influential Projects should give us hope that we can meet these challenges and make even the boldest ideas into reality. Against the most challenging of circumstances over the past year, the leaders and teams behind these innovative projects made hard decisions and challenged conventional thinking in order to make an impact. As we rebuild and move forward from these challenging times, it is going to take the creativity, collaboration, discipline, and determination exhibited in each of these projects to reimagine a better path forward.”
“This refinery is going to be a game-changer for the country because, at a minimum, there will be a valuable addition to the treasury of $10 billion, in terms of foreign exchange. So a key advantage will be the currency rate stabilization. And if you talk about Africa as a whole, that’s going to be a matter of pride, that Africa can be self-sustaining, as far as the refined products are concerned.”
