Dangote Refinery to be commissioned in Q3 2022

The President of the African Development Bank (AfDB), Akinwumi Adesina, recently visited the Dangote oil refinery and fertilizer complex in Nigeria and hailed the projects as game-changing for the continent's development. The AfDB board had approved a $300 million loan to Dangote Industries Limited to support the construction and operation of the Greenfield crude oil refinery and fertilizer manufacturing plants. During the site visit, Adesina expressed his astonishment at the scale and impact of the projects. The Dangote oil refinery, with a capacity of 650,000 barrels per day, is poised to revolutionize the Nigerian oil industry. By refining crude oil into various products such as aviation fuel, gasoline, diesel, and polypropylene for plastics, the refinery will make Nigeria self-sufficient in petroleum product production. This move is expected to significantly reduce the country's reliance on imported petroleum products, leading to cost savings, stability in pricing, and a boost in foreign exchange reserves. Adesina highlighted the economic significance of the refinery, noting that it could save Nigeria approximately $9 billion annually by catering to the domestic market and potentially becoming a global competitor in the oil industry. The scale of imports versus exports in the petroleum sector indicates the transformative potential of the Dangote oil refinery in reshaping Nigeria's economic landscape. Moreover, Adesina commended the Dangote Group for its world-class investments in the industrial complex. The massive fertilizer complex, set to produce three million metric tons of urea, is expected to make Nigeria self-sufficient in fertilizer production. This shift could turn Nigeria into a leading exporter of fertilizers, driving productivity growth in the agricultural sector and enhancing soil quality through soil testing initiatives. The Dangote industrial complex's infrastructure, including power generation facilities, pipelines spanning over 6,600 kilometers, and extensive steel production capabilities, impressed Adesina as he highlighted the project's role in positioning Nigeria and Africa as key players in the global market. The investments in the refinery and fertilizer plant were praised as a significant step towards industrialization and economic growth in the region. Adesina emphasized the importance of government support, acknowledging the contributions of President Muhammadu Buhari, the Central Bank Governor, and the Finance Minister in enabling such transformative projects. The collaborative efforts between the government, financial institutions, and private sector entities like the Dangote Group have been instrumental in driving Nigeria's industrial development and positioning the country on the global map. In conclusion, Adesina expressed his confidence in Africa's capacity to engage in world-class initiatives like the Dangote industrial complex. He highlighted the significance of these investments in showcasing Africa's potential for innovation and industrial excellence. The Dangote refinery and fertilizer complex stand as testaments to the continent's ability to lead in strategic sectors and contribute to sustainable development and economic progress.