Africa’s richest man and owner of the Dangote Refinery, Aliko Dangote, has said that with the planned commencement of the refinery located in Lagos, Nigeria could save up to $10 billion in foreign exchange (FX) and generate another $10 billion in exports when the facility begins operation. The 650,000 barrels per day Dangote Refinery, the world’s largest single-train refinery, is set for inauguration on May 22 by President Muhammadu Buhari.
In an interview with a special edition of London-based The Economist magazine titled ‘The World Ahead 2023,’ Dangote expressed his views on the creation of value-added industries in Africa. He noted that Nigeria’s economy as presently constituted has largely been built around the extraction and exportation of its natural wealth, which has largely benefited businesses. However, more prosperity could be created by locally refining Nigeria’s resources, with the refinery being a major step in this direction by reducing the country’s dependence on imported refined petroleum products.
Dangote also explained that the refinery’s completion will not only create direct and indirect jobs but also lead to skills transfer and technology