Dangote Oil Refinery to Rake in $26 Billion Annually
Dangote oil Refinery’s annual revenue is projected to exceed $26 billion.
This was made known by the president of Dangote Group Limited Aliko Dangote during a media tour of the Refinery at the Lekki Free Trade Zone Lagos.
With a production capacity of 650,000 barrel per day (bpd), Dangote Refinery is Africa’s biggest and the world’s largest single train facility.
Analysts say the assets will transform Nigeria’s economy.
Interestingly, the refinery has a total storage capacity of 4.5 billion litres, which can cover 20 days of crude requirement and product storage of 15 days of Nigeria’s gasoline consumption.
The location of the refinery at Lekki Free Trade Zone (FTZ) gives it a logistical advantage relative to import; ready access to West African and Latin American markets.
Some sources say the 20-billion-dollar refinery would save the country 17 billion dollars in foreign exchange annually.
“We want to be the biggest supplier of foreign exchange,” said Aliko Dangote.
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