Dangote Refinery to boost Nigerian economy with $21 billion annual market for crude oil
The Dangote Petroleum Refinery is set to generate an annual market worth $21 billion for Nigerian crude oil, as announced by Aliko Dangote, Chairman of Dangote Refinery.
The Nigerian billionaire disclosed this during a visit by the Minister of State for Defence, Bello Matawalle, on June 1, Business Nigeria reports.
“The refinery will meet 100% of Nigeria’s refined product requirements and have a surplus for export, creating a market for $21 billion per annum of Nigerian crude,” Dangote stated.
Matawalle lauded Dangote’s significant investments and highlighted their positive impact on the Nigerian economy through wealth creation and job generation. He also emphasised the Bola Tinubu-led administration’s commitment to providing security to maintain high production levels at the multi-billion-dollar refinery.
In May, Dangote, while speaking at the Africa CEO Forum Annual Summit in Kigali, Rwanda, revealed that his refinery, the largest in Africa, can fulfil Nigeria’s fuel demands and supply fuel to West Africa and Central Africa starting this June.
“Nigeria shouldn’t import anything like gasoline; not one drop of a litre. We have enough gasoline to give to at least the entire West Africa, and diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico,” he said.
