Dangote Oil Refinery Commences Supply of Petroleum Products to Local Market

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LAGOS, April 2 – Nigeria’s Dangote oil refinery has begun supplying petroleum products to the domestic market, marking a significant milestone in the nation’s pursuit of energy independence. The refinery, Africa’s largest, was constructed on a peninsula near Lagos by Aliko Dangote, Africa’s wealthiest individual, at a cost of $20 billion, overcoming several years of setbacks.

Capable of refining up to 650,000 barrels per day (bpd), the refinery is expected to become the largest in Africa and Europe upon reaching full capacity by this or next year. Devakumar Edwin, a Dangote group executive, confirmed the shipment of diesel and jet fuel into the local market, with substantial quantities being evacuated by both sea and road.

Local oil marketers have agreed on a price of 1,225 naira ($0.96) per litre of diesel under a bulk purchase agreement, with plans to add their mark-up, according to Abubakar Maigandi, head of the Independent Petroleum Marketers Association of Nigeria (IPMAN), whose members oversee approximately 150,000 retail stations across Nigeria.

Meanwhile, the smaller Depots and Petroleum Products Marketers Association of Nigeria is in advanced discussions with banks to secure letters of credit for purchasing petroleum products from Dangote, according to Femi Adewole, the association’s executive secretary.

The Dangote refinery is heralded as a pivotal development to reduce Nigeria’s dependence on imported petroleum products, addressing a long-standing issue despite being Africa’s most populous nation and leading oil producer.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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