By Chinwendu Obienyi
The Federal Government has revealed that total investments in the Dangote Refinery and Fertiliser company has now risen to $21.2 billion.
This was even as it stated that the refinery with an installed capacity of 650,000 barrels per day, is expected to commence operations by the fourth quarter (Q4) of 2022 to guarantee availability of petroleum products in the country.
The Minister of Information and Culture, Mr Lai Mohammed, stated this during a visit to the Dangote Refinery petrochemicals and fertiliser plant in Ibeju Lekki, Lagos.
While describing the plant as one of the busiest construction sites in the world, Mohammed noted that Dangote is leading Nigeria’s industrial revolution.
He added that the massive industrial complexes- the Dangote Fertiliser company and the refinery were made possible by the enabling environment provided by the administration of President Muhammadu Buhari.
Mohammed said the refinery which is due for opening later this year, would guarantee food and energy security for Nigerians.
“The $19 billion refinery will be a game-changer once it comes on stream in terms of employment generation and huge value addition that will contribute to the increase in gross domestic product. It will also help in conservation of foreign exchange as there will be no more importation of petroleum products and generation of foreign exchange through export of finished product.
The refinery will guarantee availability of petroleum products, thus ending petrol queues, and attract foreign capital investments.”, the Minister said.
For his part, the Group Executive Director, Strategy, Capital projects and portfolio development, Dangote Industries Limited, Devakumar Edwin, commended the government for its support towards the completion of the projects.
He revealed that the refinery can meet 100 per cent of the requirements of Nigeria, of all the liquid products – Gasoline (PMS), Diesel (AGO), Kerosene (DPK) and Aviation Jet Fuel (Jet A-1), adding that 60 per cent of the production of the refinery can meet the entire requirement of Nigeria and the rest 40 per cent will go for export, thus generating huge amount of foreign exchange. He also revealed that the Group in collaboration with the Ministry of Works and the Lagos state government have decided to construct a four lane road to ease movement along the axis.
“This is a strategic investment for the country and I mentioned that the storage tank facility in the refinery can act as a strategic reserve for storing products for the country. All our equipment are really in place, most of the piping has been completed and pre commercialisation has started and so almost 75 per cent of hydraulic testing has been completed.