Dangote Refinery, a business inspiration to private sector operators-Tinubu

As efforts are being intensified for the imminent completion of the multi-billion dollars 650,000bpd Dangote Refinery in Lagos, the project has been described as an inspiration to private sector operators in the country.

Excited at the share humongous size of the refinery Chief Executive Officer of Oando Plc, Mr Wale Tinubu leading oil and gas downstream sector operators who were on a guided tour of the project alongside members of the company’s senior management said, “with what I have seen, this Dangote Refinery is for Nigeria and Africa.”

He stated that the President of Dangote Group, Aliko Dangote deserved all the commendations in the world for the courage to build the world’s largest single-train refinery in one of the most challenging business environment in the world even as the risk premium being at the highest.

Mr Tinubu noted that he harboured no doubt within him that the refinery, upon completion, will meet the yearnings of Nigerian for product availability and ultimately de-risk the petroleum sector.

The Oando Plc CEO said he felt a sense of pride for being able to witness this feat in the history of Nigeria, noting “It is more than just a refinery, it is a revolution, it is about what is possible in Africa by an African, we are talking about a world-class project being done on a scale that the world is not used to.

“This is happening in an extremely challenging environment in which all of the infrastructures had to be built from the scratch with the attendant huge additional cost, the cost of capital being high, and the risk premium being highest and done with such spectacular precision. I think the world is not going to see many of these sorts of projects. I call it the eighth wonder of my own time.”

In his remark, Aliko Dangote stated that the refinery is not only a project for Dangote, but also a project for Nigeria.

He said: “Nigeria should be a leader in building facilities like these, as a business initiative. This project will definitely put Nigeria on the map, and surely change the fortunes of Africa.”

He further disclosed that Dangote apart from building world-class projects is also dedicated to building capacity by resuscitating failing industries such as it did in the cement industry, adding that this has set the precedence in Nigeria.

The Dangote Refinery upon completion will refine 650,000 barrels of crude per day, making it the single largest train in the world. This in turn will enable the nation to generate and save foreign exchange, which has been blamed for the country’s current economic woes. The project will also provide 90 megawatts of electricity through its multi-million-dollar sub-sea pipeline project.