The construction of the 650,000 barrels of crude oil per day by Dangote Refinery is expected to help Nigeria save over N2.7 trillion ($7.5 billion) through import substitution.
The project, will put Nigeria on the global map as major oil and gas hub in Africa, the Group Executive Director, Devakumar Edwin has hinted.
Nigeria currently import large amount of its petroleum products due to the inability of the country’s refineries to utilize their full capacity.
For example, the National Bureau of Statistics, NBS, latest data showed that the downstream of the Nigeria oil and gas sector imported N812billion of Premium Motor Spirit, PMS, during the first quarter of 2018.
According to NBS, the country imported N349.45 billion worth of PMS in the month of March 2018, representing the highest volume of petroleum product import during the quarter under review.
Specifically, the petroleum products importation statistics for first quarter 2018 reflected that 5.67 billion litres of PMS, 954.47 million litres of Automotive Gas Oil (AGO); 66.914 million litres of Household Kerosene (HHK); and 5122.067 million litres of Aviation Turbine Kerosene (ATK) were imported into the country in first quarter of 2018. According to NBS, the months of March 2018 recorded the highest volumes of PMS imported into the country at 2.41 billion litres while the highest volume of AGO and HHK were imported in February and January 2018 respectively.
Speaking on the refinery update, he said: “We are currently building the world’s largest single line Refinery, Petrochemical Complex and the world’s second largest Urea Fertiliser plant.
“The Refinery will have the capacity to refine 650,000 barrels of crude oil per day. The Petrochemical Plant will produce 780 KTPA Polypropylene, 500 KTPA of Polyethylene while the Fertiliser project will produce 3.0 million metric tonnes per annum (mmtpa) of Urea.
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