The Nigerian President, Muhammadu Buhari, is set to commission the multi-billion dollar Dangote oil refinery in two weeks. A presidency spokesperson confirmed this on Sunday, with the upcoming commissioning marking the first production of the refinery since construction began in 2016.
The Dangote Group, owned by billionaire industrialist Aliko Dangote, is building the 650,000 barrels-per-day refinery near Lagos. Nigeria, which is currently Africa’s biggest oil producer, views the refinery as a solution to end its reliance on imports for almost all of its refined petroleum products.
Commissioning of the refinery is set for May 22, a week before President Buhari is due to leave office after serving the maximum two terms allowed by the constitution. Though a spokesperson for Dangote confirmed the timing of the commissioning, no further details were provided.
Initially estimated to cost between $12 billion and $14 billion, the Dangote refinery’s cost increased to $19 billion after years of delays. Nonetheless, it remains a vital development needed to propel Nigeria’s economy.
The commissioning of the Dangote oil refinery could create job opportunities and stimulate the country’s economic growth. Additionally, it could cut the country’s reliance on imported petroleum products, which have often led to fuel scarcity and brought the economy to a standstill in the past.
If successfully commissioned and put into production, the Dangote refinery could also position Nigeria as a significant exporter of petroleum products. As one of the largest oil producers in the world, Nigeria has often depended on exporting crude oil, with continued reliance hindering the country’s economic growth.
Overall, the commissioning of the Dangote oil refinery marks a significant milestone in Nigeria’s quest to reduce its reliance on imported petroleum products. If successful, it could transform the country’s economy and boost domestic growth, create employment opportunities, and increase the country’s prominence in the global oil market.
Source : NNN