Aliko Dangote, chairman of Dangote Group and Africa’s richest person, says the refinery will begin processing crude by the third quarter of 2022.
According to Bloomberg, the business mogul said mechanical work on the refinery is done, and “hopefully before the end of the third quarter we should be in the market”.
He said this during a briefing at the plant site in Lagos.
Dangote said the plant would start with a processing capacity of 540,000 barrels per day.
“Full production can start maybe, by the end of the year or beginning of 2023,” he said.
Dangote Petroleum Refinery is a multi-billion dollar project that will create a market for $11 Billion per annum of Nigerian Crude.
The facility, which cost an estimated $19 billion to build, has an installed capacity of 650,000 barrels per day.
It is expected to be Africa’s biggest oil refinery and one of the world’s biggest single-train facilities, upon completion.
Its output will be more than enough to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude.
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), had said that Nigeria will save 40 percent of its foreign exchange (FX) earnings refinery and petrochemical Plant begins operations in the year.