Anthony Iwuoma
Dangote Industries Limited has disclosed that its oil refinery would start crude oil processing in the third quarter of 2022.
Chairman of the Dangote Industries, Aliko Dangote, in a briefing at the refinery site in Lagos, also announced the completion of mechanical work on the refinery, adding that “hopefully before the end of third quarter we should be in the market.”
Dangote said the refinery would be processing 540 000 barrels per day, and “full production can start maybe, by the end of the year or beginning of 2023.”
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The Dangote refinery, which is estimated to cost $19 billion to build, has an installed capacity of 650 000 barrels per day.
It is projected to meet Nigeria’s fuel demands and enable the country to start exporting refined oil products.
During the briefing in Lagos, Akinwumi Adesina, President African Development Bank (AfDB), which had previously provided a $300 million loan in support of the project said the AfDB and Dangote discussed further possible cooperation to enable the company to tap into the African free trade area agreement do as to be able to expand his businesses to more African countries.
Dangote and Adesina also discussed setting up an industrial manufacturing corps in Africa. The industrial manufacturing corps would be made up of the engineers that built the Dangote oil refinery.
They explained that the corps will ensure that the skills gained can be shared with other countries in Africa and outside the continent.