Dangote oil refinery in Ibeju-Lekki, Lagos, on Tuesday began supplying petroleum products to local market, according to a company executive and fuel marketing associations, marking a significant milestone in the country’s pursuit of energy independence
The refinery, built by Africa’s richest man, Aliko Dangote, at a cost of $20 billion, stands as the continent’s largest and was completed after facing several years of delay.
Able to refine up to 650,000 barrels per day (bpd), the facility will become the largest in both Africa and Europe once it reaches full capacity, expected either this year or the next.
Local oil marketers have agreed on a price of 1,225 naira ($0.96) per litre of diesel through a bulk purchase agreement, with members of the Independent Petroleum Marketers Association of Nigeria controlling about 150,000 retail stations across the country.
The Dangote refinery is viewed as a critical step toward reducing Nigeria’s dependence on imported petroleum products, addressing a longstanding challenge despite the nation’s status as Africa’s most populous and leading oil producer.
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