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LAGOS. – History was made as President Muhammadu Buhari inaugurated the first indigenous refinery in Nigeria, the US$18,5 billion Dangote Petroleum Refinery, in Ibeju-Lekki, Lagos.

Africa’s richest man, Aliko Dangote, owns the new refinery, which aims to address the ongoing fuel shortages in Nigeria, Africa’s biggest oil producer.

The refinery is expected to boost domestic refining capacity, getting rid of the current consumption shortfall. It will also reduce import dependency and stimulate economic growth. Nigeria’s existing refineries, plagued by operational inefficiencies under government control, have failed to meet the growing demand for petroleum products. Substantial imports have become necessary.

At the launch, Dangote outlined his hopes for the refinery: “Our first goal is to ramp up production of the various products to ensure that within this year (2023), we are able to fully satisfy the nation’s demand for quality products.”

President Buhari described the Dangote Refinery as a significant milestone for Nigeria’s economy and a game changer for the downstream petroleum products market in the entire African region.

Downstream products in the oil industry refer to refined products derived from crude oil such as petrol, diesel, and lubricants. – allafrica.com