My refinery will consume 2.5% of globally traded crude oil, says Dangote
Aliko Dangote, CEO of Dangote Industries, announced that his new refinery will process 2.5% of the world's crude oil at full capacity. He emphasized that industrialization and stable government policies are essential for Nigeria's economic growth and investor confidence.
Why it matters
The refinery is a critical infrastructure project that could significantly shift Nigeria's economic landscape and global oil refining dynamics.
Aliko Dangote, chief executive officer (CEO) of Dangote Industries Limited , says the Dangote refinery will consume about 2.5 percent of globally traded crude oil.
Dangote spoke on Wednesday during a visit by John Enoh, minister of state for industry, who led a delegation from the ministry on a tour of the refinery, the Dangote Petrochemicals complex, and Dangote Fertiliser Limited in Lagos.
He said the refinery, at full capacity, will account for the equivalent of about 10 percent of the United States’ refining capacity and “consume approximately 2.5 percent of globally traded crude oil”.
Dangote urged the federal government to prioritise industrialisation, stressing that no nation has attained prosperity without developing a strong manufacturing sector.
“There is no way to create jobs and prosperity without industrialisation,” he said.
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