Dangote refinery to start production with 540,000 bpd

• Project will reverse huge sum spent on forex, says AfDB boss
Dangote oil refinery will start processing crude in the third quarter of this year, as mechanical work on the project is completed, while hydro testing (at 70 per cent) is almost finished.

This was disclosed, at the weekend, when the President of Dangote Group, Alhaji Aliko Dangote, led the President of African Development Bank (AfDB), Akinwunmi Adesina, and board members of the bank on a tour of Dangote refinery and fertiliser projects at Ibeju-Lekki.

He said the last equipment for tidying up the project has arrived and the plant will start with a processing capacity of 540,000 barrels a day, while full production would start by the end of the year or beginning of 2023.

He said: “I also want to really thank President Muhammadu Buhari, Central Bank of Nigeria (CBN) Governor, Minister of Finance and AfDB for encouraging us to do this kind of huge project.

“Without the support, there is no way we could have succeeded in building this massive industrial plant. This is a major revolution. Once we finish, definitely, it will put Nigeria on the map. So, I want to thank you for your support. And obviously, as Oliver Twist, we will think of other projects and we will come back to you.”

On his part, Adesina expressed readiness to support businesses in Africa, in line with free trade agreement. He also commended Dangote for his business acumen and belief in Nigeria, which made him invest so much in the country.

He said: “One of the things I admire the most about you, Alhaji Dangote, is that you actually believe in Nigeria and you invest your money in Nigeria. You believe in Africa and you invest your money in Africa. Nobody could invest the kind of billions of dollars that is here, unless they actually, not only have the vision, but also the commitment and passion for their country.

“We are extremely proud of you, and, of course, of your commitment to the continent. Africa, today, has probably about $38 trillion worth of natural resources, from oil to gas, to metals and agriculture, among others.”

But we keep exporting raw materials. It is very clear that those countries that export raw materials will become poor and the countries that export value-added products eventually become rich because they dominate the top of the value chain.

“What you see, here, is a man with a vision, with a passionate commitment, saying it is time for Africa to move up the value chains and dominate those value chains and be competitive regionally and be globally.”