History
In September 2013, Nigerian businessman Aliko Dangote revealed preliminary plans for the refinery, announcing that he had secured $3.3 billion in financing for the project.
At the time, the refinery was expected to cost around $9 billion, with the Dangote Group investing $3 billion and commercial loans covering the rest, with production beginning in 2016.
However, after relocating to Ibeju Lekki in Lagos state, construction of the refinery did not begin until 2016, with excavation and infrastructure preparation, and the planned completion date was pushed back to late 2018.
Major structural construction began in July 2017, and Dangote estimated that the refinery would be mechanically complete in late 2019 and operational in early 2020.
Reuters reports that According to sources familiar with the project, construction would take at least twice as long as Dangote had previously stated, with partial refining capability not expected until 2022. A urea fertilizer factory, which will be located near the refinery, is set to open in late 2018 and produce approximately three million tons of urea per year.
Facility
The refinery is located on a 6,180-acre (2,500-hectare) plot of land in the Ibeju Lekki Free Zone in Lekki, Lagos State. It will process approximately 650,000 barrels of crude oil per day, which will be transported via pipelines from oil fields in the Niger Delta, where natural gas will also be sourced to supply the fertilizer factory and be used in the refinery complex's electrical generation. The undertaking The total cost is expected to be up to $15 billion, with $10 billion invested in the refinery, $2.5 billion in the fertilizer factory, and $2.5 billion in pipeline infrastructure.
The refinery will be the world's largest single-train refinery, with a single crude oil distillation unit.
When fully operational, the plant will be capable of producing 50,000,000 litres (13,000,000 US gal) of gasoline and 17,000,000 litres (4,500,000 US gal) of diesel per day, as well as aviation fuel and plastic products.
With a capacity greater than Nigeria's existing refining infrastructure's total output, the Dangote Refinery will be able to meet the country's entire domestic fuel demand as well as export refined products.
Below are 12 facts you need to know about dangote refinery….
1. Dangote has invested more than $7 billion (N1.4 trillion) in the project.
2. It is the world's largest single-train refinery project.
3. When this project is completed, Nigeria will save at least $10 billion in imports per year.
4. The plant's ammonia component will produce 2.8 million tonnes of urea.
5. Dangote generates its own electricity to power the plant, saving 75 percent of the cost. Dangote generates electricity at a significantly lower cost than the Federal Government. Dangote's cost is $400,000 per MW, while the Federal Government's cost is $2,000,000 per MW.
6. All civil engineering is completed by Nigerian firms.
7.The plant has an annual export value of $6 billion, implying that Dangote's efforts will increase the amount of foreign exchange in Nigeria's foreign reserves by at least 40% of current value.
8. Dangote claims that when this project is completed, his friend Femi Otedola will save at least N26 per litre on the millions of litres of diesel and gasoline that his companies import each year. These savings will be passed on to consumers, relieving banks of a significant amount of stress.
9. Billions of Naira were spent to acquire land and settle existing communities. More funds were also allocated and spent to relocate the existing facilities.
10. This project will restore Nigeria's dignity as a crude-producing country that has for years relied on imports to meet its demand for refined products.
11. Refined products to be manufactured at the plant include, but are not limited to, propane, gasoline, jet fuel, diesel, kerosene, carbon black, polypropylene, and polyethylene.
12. The United States Trade and Development Agency is contributing $997 million to this project.
If you want to buy a plot of land in Ibeju Lekki, contact Uchechukwu Okafor (Milano Properties Limited) at 09160083958 or 08038780896. Please contact us by phone or Whatsapp.
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