Buhari commissions Dangote refinery amid high expectations
President Muhammadu Buhari will on Monday commission the 650,000 barrels per day Dangote refinery located at the Lekki free zone near Lagos.
The refinery is expected to meet 100 per cent of the Nigerian requirement of all refined products and also have a surplus of each of these products for export. It is designed to process Nigerian crude with the ability to also process other crudes. In its recent report titled “Refineries watch Q4 2022” Hawilti, a Pan-African investment research firm,of the new private refinery becoming operational could help redefine the nation’s local refining capacity.
“With crude oil for local refining not subject to the Organisation of Petroleum Exporting Countries quota, the refinery also has the potential to catalyse more domestic crude oil production and boost gross domestic product ,” IMF said.
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