The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed that the Dangote Petroleum Refinery is now 97 percent completed.
The NMDPRA made this disclosure in Abuja, when representatives of the Dangote Petroleum Refinery visited Abuja to present the work plan for the facility for 2022/2023 as the regulatory agency for the sector.
The successful completion of Africa’s biggest petroleum refinery and the world’s largest single-train facility is expected to have a significant impact on Nigeria’s foreign exchange through import substitution and substantial savings in earnings.
The refinery, with 650,000 barrels per-day installed capacity, is expected to double the total output of Nigeria’s existing ailing refining infrastructure and meet 100 per cent of the Nigerian requirement of all refined products will pump out fuel any moment soon, the Agency declared.
It is expected, that once the refinery commences production, the pressure on the nation’s currency will reduce and significant inflow of forex, is expected to come in through sales from the refinery. On completion of the refinery, it is estimated that Nigeria will import zero petroleum oil products – down from approximately $50 billion current oil product imports per year.
The NMDPRA’s Chief Executive, Farouk Ahmed, reiterated the importance of the Dangote Petroleum Refinery to the country, while assuring that the Authority will give all necessary support to ensure timely completion and kick-start operations.
Speaking on the refinery project, Group Executive Director, Strategy, Portfolio Development & Capital Projects, Dangote Industries Ltd, Devakumar Edwin, said it (refinery) would stimulate economic development in Nigeria, adding that it can meet 100 percent of the Nigerian requirement of all liquid products (Gasoline, Diesel, Kerosene and Aviation jet), and also have surplus of each of these products for export.
On employment generation, he disclosed that over 30,000 people are currently working at petroleum Refinery project sites through various contractors noting that when operational, the refinery will generate over 100,000 direct and indirect jobs for the youths.
The agency commended the work done on the project.
