One of the challenges in Nigeria for the longest time, has been the issue of oil. Many have complained that Nigeria is a country God has blessed with many Natural resource. Over the years Nigeria as a country has depended so much on oil and have continued to depend on oil as our major source of revenue. But Nigeria is yet to have a refinery where the natural oil can be converted to the finished product for gasoline, fuel and what have you.
Instead we transport our oil outside the country and then afterward bring it back to the country to sell at prices which Nigerians always complain about. Over the years we have gone back and forth on the issue of owing our own refinery. In this regard, Business mogul and the richest man in Africa, Aliko Dangote is currently working on a refinery. The Dangote Oil Refinery Company is an integrated refinery and petrochemical complex.
The estimated cost of the refinery is $18 billion, the refinery on completion will produce Euro - V quality gasoline and diesel, as well as jet fuel and polypropylene. The refinery will be the world's largest single train refinery when it is completed. Due to lack of domestic refinery, Nigeria has always imported our refined oil products. The Dangote refinery will hold 37 billion barrels of oil reserve. It will be the second largest reserve in Africa.
The refinery will help with the increasing demand of fuel in Nigeria. All necessary equipment has successfully been installed with the hoisting of 2 large equipment a 117 ton stripper and a 50 ton net chlorine gas processor. The refinery is covering a land of about 2,635 hectares which is about six times the size of Victoria Island in Lagos. The refinery is located at Lekki free zone, near Lekki in Lagos state.
The refinery is estimated to create a market of $11 Billion per annum of Nigerian Crude. The refinery is estimated to produce surplus crude and other crudes that will be exported out of Nigeria. The refinery house infrastructures that includes; pipeline systems, tank storage facilities, a marine terminal, jetty and harbour, access roads, crude and product handling facilities and other infrastructure to be constructed in the refinery.
The refinery is being constructed by Engineers from India, they were also awarded the procurement contract for the refinery. Unemployment has been another challenge in Nigeria, the refinery will provide jobs for many Nigerians and also boost the economy of the country. The refinery will be completed either by the end of this year or beginning of next year. Completion of the refinery won't just be a big win for Dangote group but for the whole country.
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