12/14/2023
This what we should be doing
Let it be known AFRICANS ARE DEVELOPING AFRICA‼️🇳🇬
The Tinubu administration and the Dangote Group made separate promises that the $19.5 billion Dangote Refinery, which is the world’s largest single train refinery, will start production this year. Many Nigerians were skeptical and scoffed that it would not happen. Yesterday, it happened.
Africa’s largest refinery, the $20bn Dangote Refinery is finally set to commence fuel production as the first crude shipment arrived at the facility Thursday evening, marking a significant milestone for the country’s oil industry.
This comes as a huge relief, after series of delays since its official launch in May, with the lack of domestic crude feedstock hindering product manufacturing.
However, a tanker carrying a 950,000 barrel cargo of Nigeria’s Agbami crude berthed at Dangote’s offshore crude receiving terminal in Lekki at about 7pm on December 7, marking the initiation of crude supplies for the refinery’s operations.
The tanker chartered by the Nigerian National Petroleum Company (NNPC), symbolises the initial crude supply to Dangote’s state-of-the-art refinery as it gears up to initiate production.
Billionaire Aliko Dangote estimated that Nigeria would save up to $10 billion in foreign exchange (FX) and generate another $10 billion in exports when the facility begins operation.
President of the African Development Bank (AfDB), Akinwumi Adesina recently described Dangote Refinery and Fertiliser projects as the best industrialised project to happen to Africa.
He said these projects, which are far beyond the expectation of his team and himself, would positively affect the economic growth and development of not only Nigeria but Africa as a continent.
It is estimated that the Dangote Refinery will cater to over 12% of Africa’s product demand, potentially reducing petroleum imports across the continent by 36%.
The refinery is also projected to generate over 100,000 job opportunities and stimulate growth in the cosmetics and plastics industries.
Sources:
hallmarknews.com
radarr.africa
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