The facility, which will cost an estimated $19 billion to build, has an installed capacity of 650 000 barrels per day. Its output will be more than enough to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude.
Dangote, Africa’s richest man, addressed reporters along with Akinwumi Adesina, president of the African Development Bank, which previously provided $300 million loan in support of the project.
The AfDB head and Dangote discussed possible collaboration to expand the billionaire’s businesses to more African countries to take advantage of the free trade area agreement, according to Adesina.
Dangote, originally a cement tycoon, is worth $20.4 billion, according to the Bloomberg Billionaires Index.