Femi Otedola has broken his silence on Dangote’s Multi-Billion Refinery in Nigeria.
NaijaOnPoint Nigeria reports that Femi Otedola, one of Nigeria’s leading billionaire investors has stated that 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.
This Nigeria news platform understands that 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.” Highlighting the refinery’s significance, Otedola emphasized its status as a “beacon of hope for millions of Nigerians and Africans. It is also at the vanguard of championing environmental sustainability. With its Carbon capture technologies and storage processes it will capture up to 90%+ of the CO2 emitted and also play a significant role in reducing Well-to-tank carbon emissions from crude oil maritime transportation, thereby playing its role in helping Nigeria meet its target for net-zero emissions by 2060,” he tweeted.
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Meanwhile, NaijaOnPoint Nigeria 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.
More insight from Femi Otedola
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 Nigeria 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).