Nigerian billionaire Aliko Dangote inaugurated the largest refinery plant in the world on Monday, May 22, 2023, in Lagos.
The inauguration ceremony was attended by former President Muhamadou Buhari and four other dignitaries from the continent. Nigeria, with its population of 215 million, is one of the largest oil producers in Africa.
However, due to the failure of its state refineries, the country has been forced to import most of its fuel, leading to fuel shortages that affect the daily lives of its citizens.
The industrial project, which began in 2013, cost over $18.5 billion, twice the initial estimate. According to the Dangote Group, the refinery plant is “the largest single train refinery in the world” and is expected to have the highest crude refining capacity on the African continent when operating at full capacity.
President Muhammadu Buhari stated on the day of the inauguration that the complex has the capability to process 650,000 barrels of crude per day, enabling Nigeria to achieve self-sufficiency in refined products and potentially have reserves for export. The refinery plant is situated on a 2,635-hectare site in the Lekki Free Zone.
Aliko Dangote, the driving force behind the refinery plant, emphasized that the primary objective is to meet the oil needs of the Nigerian population. He stated at the inauguration, “Our first objective is to ensure that during this year we will be able to fully meet the demands of our country.”
It is worth noting that, according to OPEC, Nigeria’s imports of refined petroleum products exceeded exports by $58.5 billion between 2015 and 2019.
