Barring any unforeseen circumstances, president Muhammadu Buhari will inaugurate Dangote Oil Refinery on Monday, May 22.
The 650,000 barrels per day (BPD) is expected to meet 100 per cent of Nigeria’s demand for all refined products.
Products expected to be produced in tonnes daily include premium motor spirit (PMS), diesel (AGO), aviation jet fuel and dual-purpose kerosene (DPK), among others, thus raising the hope of Nigerians.
Although production of petroleum products is not expected from the plant until later in the year, the completion of Africa’s biggest oil refinery and the world’s biggest single-train facility is projected to create a market for $21billion per annum of Nigerian crude.
According to a report released by S&P Global Commodity Insights, the Dangote Refinery is anticipating the arrival of its first crude batch in June.
However, the inauguration is generating a lot of excitement from government officials, industry players and Nigerians as it has the potential to transform Nigeria from a petrol import-dependent country to an exporter of refined petroleum products
This is coming at a time the government is mulling subsidy removal from the second half of the year. Subsidy payments steadily rose from N351bn in 2005 to N4.39trn in 2022, while N3. 6trn was earmarked to fund fuel subsidy for the first six months in 2023.