Dangote Refinery Saves Nigeria 20bn in Fuel Import, Report Shows
The 650,000 barrels per day capacity Dangote Petroleum Refinery in the Ibeju-Lekki area of Lagos is currently bailing the Federal Government out of a pressing financial crisis with the steady supply of foreign currencies, Business Hallmark can report shows.
The continued flow of FX to the refinery owned by Africa's richest man, Alhaji Aliko Dangote, BH findings revealed, apart from adding to Dangote's wealth, have also helped the nation to stabilize its struggling currency and bring down inflationary pressures.
According to findings, the nation, apart from being awash in foreign currencies, has drastically cut down its dollar spendings on imported refined petroleum products, which used to gulp about 40 percent of the country's FX earnings, thanks to the coming on board of the world largest single-train refinery that commenced operations in January 2024.
It would be recalled that Nigeria has been battling a myriad of economic challenges, including a massive drop in crude oil production from a high of 2.4 million barrels per day to below 900,000 bpd a sharp revenue drop a failing economy and galloping inflation.