Business News

Dangote’s $20 billion refinery to aid Nigeria’s economic transformation – Femi Otedola 

Africa’s richest man, Aliko Dangote’s $20 billion refinery is set to aid Nigeria’s economic transformation by supporting the country’s net-zero emissions target by 2060, according to Femi Otedola, one of Nigeria’s leading billionaire investors. 

Otedola made this known via a Sunday tweet on X (formerly Twitter), while extending hearty congratulations to Aliko Dangote, referring to him as “my bestie @AlikoDangote as the 8th wonder of the world.” 

Naijaonpoint reliably gathers that the refinery will generate about $27 billion annually from the sale of petroleum products such as Urea, Polypropylene, Aviation fuel, petrol, kerosene and other products mostly via exports.  

Breaking down the intricate features of the Dangote Petrochemical Complex, Otedola described it as the world’s largest single-train Petroleum Refinery, producing 650,000 barrels per day.  

It also includes a Polypropylene facility with a capacity of 1 million metric tonnes per annum and two of the world’s largest Fertilizer Trains, capable of producing 3 million tonnes of Urea. 

Otedola lauded Dangote’s visionary leadership and relentless pursuit of excellence, acknowledging the complex journey to bring this transformative vision to fruition.

He highlighted specific sustainability measures, such as the refinery recirculating 100% of its water and capturing process heat to produce 50MW of power. 

Furthermore, he emphasized the refinery’s impact on environmental conservation, particularly in producing Euro 5 to replace inferior Euro 5 dumped in Africa.

Shipping 65,000 barrels per day of crude out of Nigeria and 650kbpd in refined products is expected to save 1.5m to 2.5m tons of CO2 emissions. 

Otedola commended Dangote for his significant contributions, noting that the refinery’s operations will not only meet Nigeria’s refined petroleum product requirements but also champion energy security and independence, acting as a catalyst for economic prosperity in the subcontinent.

He concluded with heartfelt congratulations to Aliko Dangote, emphasizing that Africa is proud of his achievements. 

Naijaonpoint had previously reported in November that Aliko Dangote had confirmed his refinery startup in December 2023, saying that 350,000 barrels per day is the first target of the refinery during an interview with the Financial Times (FT).