The $20 billion Dangote Refinery in Nigeria, according to Vanguard News, has started shipping petroleum products to a number of nations, including the US, Spain, France, South Korea, Angola, Togo, Guinea, Belgium, Israel, and Singapore. The dynamics of the flow of petroleum products trade between West Africa and other regions have changed as a result of this development, having multiple multiplier effects, one of which is the creation of jobs.CONTINUE FULL READING>>>>>
According to a presentation by Argus Group, a UK-based organization, the refinery’s operations have significantly reduced Nigeria’s dependence on imported petroleum products. The country’s petrol importation is expected to drop by 60% to 160,000 barrels per day by 2025, from 400,000 barrels per day in 2023. Additionally, Nigeria will start exporting diesel and aviation fuel from 2025, generating more foreign exchange for the nation.
The refinery has already shipped various products, including fuel oil, gasoline, jet fuel, and Naphtha, to different countries. This has attracted additional foreign exchange to Nigeria and demonstrated the refinery’s potential to transform the country’s economy.
The National Association of Nigerian Students (NANS) has expressed confidence in the Dangote Refinery, praising its world-class facilities and potential to boost Nigeria’s economy. NANS Senate President Akinteye Babatunde Afiz commended the refinery’s laboratory and acknowledged the project’s significance for Nigeria’s growth.
Devakumar Edwin, Vice-President of Dangote Industries Limited, thanked NANS for their support and highlighted President Tinubu’s intervention in directing crude oil sales to Dangote Refinery in Naira currency. This move is expected to benefit all Nigerians.
Aliko Dangote, President of Dangote Group, revealed that the refinery has received repeated orders for its products from various customers, including European countries, Singapore, and offshore Lome. He emphasized the refinery’s commitment to transparency and quality, inviting regulators to conduct tests on their products anytime.
The Dangote Refinery’s operations have created a significant impact on Nigeria’s economy and the regional petroleum products trade. As the refinery continues to expand its exports and reduce Nigeria’s dependence on imports, it is expected to generate more foreign exchange and create additional jobs, contributing to the country’s growth and development.CONTINUE FULL READING>>>>>
