President Bola Ahmed Tinubu has pledged to support Dangote Refinery’s plan to expand production capacity to 1.4 million barrels per day from 650,000 barrels per day.
Tinubu gave the assurance on Monday at the 19th edition of the OTL Africa Downstream Conference and Exhibition in Lagos.
The President, who was represented by the Minister of State for Petroleum Resources, Oil, Heineken Lokpobiri, described the project as a game-changer for Nigeria, West Africa, and the global energy market.
He added that the refinery’s expansion would not only boost Nigeria’s self-sufficiency in refined products but also strengthen energy supply across the continent.
“Data has shown that Africa has enough markets. By 2024, the data available shows that Africa imported $120 billion worth of hydrocarbon resources.
“That shows that Africa has the market. But because we have limited financial capacity and a limited distribution network, most of the money still goes back to countries outside the continent. For Nigeria, our target is to see how we can redeem a proportion of that value,” the President stated.
DAILY POST reports that Aliko Dangote, President of Dangote Refinery, recently announced a plan to expand the refinery to 1.4 mbpd.
