The successful completion of Africa’s biggest petroleum refinery and the world’s largest single-train facility is expected to have a significant impact on Nigeria’s foreign exchange through import substitution and substantial savings in earnings.
Will Dangote Refinery Fail Just Like Every Other Refinery In Nigeria? SEE REACTIONS
It is expected that once the refinery commences production, the pressure on the nation’s currency will reduce and a significant inflow of forex, is expected to come in through sales from the refinery.
On completion of the refinery, it is estimated that Nigeria will import zero petroleum oil products; down from approximately $50 billion in current oil product imports per year.
Also, Nigeria’s hopes of attaining self-sufficiency in domestic oil refining are hinged on the completion of the Dangote refinery.
It will be one of the largest in the world and when fully operational, should in theory be able to meet Nigeria’s domestic fuel requirements and trigger a positive ripple effect across other sectors of the economy.
Checks by Daily Trust have shown that there is no official announcement by the Dangote Group on the commissioning.
It only announced that the 650,000-barrel-per-day refinery would be commissioned before the end of the first quarter of 2023.
Also, the Group head of Corporate Communications at the Dangote Group, Anthony Chiejina, told Daily Trust that the reports making the rounds are not true
He said, “The Dangote petrochemical refinery will be commissioned when all arrangements are concluded and a formal announcement will be made in that regard.”
See the video below for more!
Author
