Africa’s richest man disclosed in an interview with Reuters News Agency on Friday (June 24) plans to open Nigeria’s first private oil refinery estimated at a cost of $12 million dollars with the funds to be pooled from multiple sources. Aliko Dangote during a press briefing after touring the construction site of his refinery expected to begin operations in 2019.
“Our target is that in the next five years or so from now, we hope and we believe that half of Nigeria’s crude will be refined and exported rather than just exporting crude to go and create jobs elsewhere.”
He was accompanied on the tour by Nigeria’s vice president Prof. Yemi Osinbajo, and Akinwunmi Ambode, governor of Lagos State, where the refinery is being built and a number of key federal level ministers.
The refinery, which would be complemented by petrochemical, gas & fertilizer projects by Aliko Dangote at Lekki Free Zone (LFZ) in Lagos is expected to be completed in 2018 but start operations the next year.
The Governor of Nigeria’s commercial hub said “Firstly, there is a refinery project that is ongoing, second there is a petrochemical project that is also ongoing. There is pipeline transfer project that brings gas from Bonny down to Olokonla and down to Lekki and then the fourth one is the fertilizer project all in one location.”
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