According to Devakumar Edwin, Group Executive Director of the Dangote Group, the company’s 650,000 barrel-per-day oil refinery and petrochemical plant which is scheduled for completion by early 2018, will produce enough petrol to meet Nigeria’s requirements, Bloomberg reports.
“It’s a very large refinery. We can produce the entire gasoline requirements of the country,” he said recently. Nigeria’s refineries currently have the installed equipment to process 445,000 barrels of crude a day, yet they operated at an average of 5 percent of that capacity in 2015. On completion, the refinery would be the fifth-biggest in the world after plants in Venezuela, South Korea and India, according to data compiled by Bloomberg. It would also be the world’s largest single-train refinery, Aliko Dangote told reporters at the construction site on January 10.
If Dangote is successful, “it means that Nigeria can process more than its local fuel needs and also process on behalf of others so that we may start exporting refined products rather than exporting crude,” said Bismarck Rewane, chief executive officer of Lagos-based business advisory Financial Derivatives Co. Nigeria currently uses about 35 million liters of gasoline per day, according to the NNPC.