The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Wednesday said the 650,000 barrels per day Dangote refinery is 95 percent complete.
The authority revealed this via its Twitter handle, as representatives of the Dangote Refinery and Petrochemicals presented their 2022/2023 work plan.
Farouk Ahmed, Authority Chief Executive, NMDPRA reiterated the importance of the refinery to the country while assuring that the Authority will give all necessary support to ensure timely completion and kickstart operations.
Recently, the World Bank said the refinery is expected to boost Nigeria’s external earnings by drastically reducing imports of fuel, contributing to the regional supply of petroleum products.Dangote Oil Refinery is a 650,000-bpd integrated refinery project under construction in the Lekki Free Trade Zone, Lagos. It is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility.
In addition, the Nigerian National Petroleum Company (NNPC) Limited has a 20 percent stake on behalf of the government.
The NNPC says it would supply half of the crude required by the plant, and if this is sold at market price, it would be impractical to continue paying subsidies.
In January this year, the African Petroleum Producers Organisation said that the Dangote refinery would reduce petroleum product imports across Africa by 36 percent upon commencement of operations.