A new $9 billion oil refinery producing 500,000 barrels per day being developed by Africa’s richest man, Aliko Dangote, is expected to come on stream in Nigeria by 2017, a senior Dangote Group official said yesterday. The refinery, to be located in Lagos, will cut Nigeria reliance on international markets for refined petroleum products, which constitute imports of more than 80 percent of the nation’s fuel needs. The lack of sufficient refining capacity is a major handicap in Nigeria.
“By the third quarter of 2017, we expect to be looking at commissioning,” Mansur Ahmed, Dangote Industries Ltd’s executive director of stakeholder management and corporate communications, told Reuters at an African refiners conference in Cape Town.
The refinery is being designed to process Nigerian crude mix and produce products conforming to Euro V fuel specifications, as fuel demands across the continent are forecast to rise rapidly with many countries enjoying strong economic growth.