In a significant development, the Dangote Refinery is poised to commence fuel supply in August 2024, marking a major milestone in Nigeria’s oil and gas sector.
This announcement was made by Aliko Dangote, the visionary owner of the refinery, who expressed his satisfaction with the resolution of crude supply issues, thanks to the intervention of the Nigeria National Petroleum Company Limited (NNPCL) and the Nigerian government.
As the refinery prepares to flood the market with fuel, it also gears up to start fertilizer production within two weeks, a move that will revolutionize agricultural practices in Nigeria. The fertilizer unit is expected to enhance food production, boost farmer’s yields, and stimulate economic growth.
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In a strategic move, the refinery plans to ramp up production to reach 500 kbpd (15 crude cargoes a month) by next August, 550 kbpd by the end of the year, and a staggering 650 kbpd by Q1 2025.
Gasoline production is slated to commence in July, with sales starting in August, ensuring a seamless supply chain.
Furthermore, the refinery’s ownership structure has undergone a significant transformation, with NNPCL now holding a reduced stake of 7.2%, down from the previous 20%. This change paves the way for new investors to participate in the refinery’s growth story.
As the Dangote Refinery prepares to list on the Nigerian Exchange by Q1 2025, investors are eagerly awaiting the opportunity to be a part of this game-changing venture.
With its state-of-the-art facilities, strategic location, and commitment to excellence, the Dangote Refinery is set to transform Nigeria’s oil and gas landscape, fostering economic growth, and prosperity for generations to come.
