President Muhammadu Buhari, has landed in Lagos for the commissioning of the Dangote refinery, located at the Ibeju-Lekki area of the state.
Buhari was received by Governor Babajide Sanwo-Olu, President/CEO, Dangote Group, Aliko Dangote, commissioners and military chiefs.
Expected to be Africa’s biggest oil refinery and the world’s single-train facility, the Dangote Refinery has a capacity of 650,000 barrels per day, sufficient to meet Nigeria’s need for refined petroleum products.
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According to the Lagos Chamber of Commerce and Industry (LCCI), the refinery presents Nigeria as an attractive investment destination for local and foreign investors.
The plant, was previously set to come on stream in 2020, but the completion of construction work was later shifted.
Speaking on a special edition of the London-based The Economist Magazine, on ‘The World Ahead 2023,’ recently, Dangote said the refinery would help Nigeria save $10bn as well as earn $10bn annually.
He said: “The refinery’s production of critical products like naphtha and polypropylene will stimulate the development of other industries, such as cosmetics, plastics, and textiles. Refineries on this scale could save Nigeria up to $10 billion in foreign exchange and generate approximately $10 billion from exports.”