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Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. Based on project statistics from the GitHub repository for the npm package the-noun-project, we found that it has been starred 50 times. As such, we scored the-noun-project popularity level to be Small. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. The npm package the-noun-project receives a total of 1,252 downloads a week. Your CNN account Log in to your CNN account The refinery size is seven times the size of Lagos’ Victoria Island, sitting on over 2000 hectares of land. Ghana’s President Nana Akufo-Ado, who was also present at the event, described the Dangote refinery as a “spectacular project” which “makes West Africa better and stronger.” Head of Nigeria’s Central Bank Godwin Emefiele said the refinery “is more than able to meet all of Nigeria’s domestic fuel consumption, given its processing capacity.”Įmefiele explained further that: “Nigeria can be self-sufficient in all products that we consume and at the same time export our excess output to the rest of the world.”
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The refinery sits inside the Lekki Free Zone, a 16,500-hectare free trade area, the masterplan for which also contains a proposed airport, a start-up community, and commercial and residential areas. “We have built a refinery with a capacity to process 650,000 barrels per day in a single train - which is the largest in the world … We decided on a plant designed with state-of-the-art technology and a scale in a capacity that will be a game-changer in Africa and the global market,” Dangote added. Nigeria's chaotic banknote switch ruled invalid by top court
Nigerians queue for new banknotes at an ATM in the capital Abuja, on January 2, 2023. “There will be constant availability of high-quality fuels for our transportation sector, the refinery will also make available to our industries vital raw materials for a wide range of manufacturing,” said Dangote, who partly financed the construction of the refinery.Īround 50% of the funds used to build the refinery came from Dangote’s equity investment while the other half came from debt finance from banks such as Access and Zenith banks. The Dangote refinery is significant because it plans to solve these problems by doubling the country’s refining capacity, as well as increasing demand for fuel domestically and generating foreign exchange for the country through exports.
Nigeria’s lack of refining capacity presents many challenges such as spending billions of dollars on imports yearly and exposure to disruption of domestic fuel supply. Despite being an oil-producing nation and one of Africa’s largest oil producers, Nigeria lacks the capacity to refine its oil.Ī large number of these products that exist in the West African country are imported from other nations like India, Belgium, UAE, and the Netherlands.īetween 20, the cost of importing refined petroleum products exceeded the exports by $58.5 billion, according to OPEC, a group of major oil producers. The refinery is expected to solve some of Nigeria’s petroleum issues. TO GO WITH "Nigeria's first deep sea port to attract revenues worth 201 billion USD: minister" Xinhua/ShutterstockĬonstruction completed on Nigeria's $1.5 billion Lekki Deep Sea Port 19, 2021 shows the Lekki Deep Sea Port under construction in Lagos, Nigeria.
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