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Nigeria commissions 650,000 bpd largest single-train refinery in the world

Published

2 years ago

May 22, 2023

Nigeria’s president, Muhammadu Buhari has commissioned 650,000 barrels per day (BPD) integrated Dangote refinery project which is the largest single-train refinery in the world, and the largest oil refinery in Africa, in Lagos, the country’s commercial capital.

Buhari, who is due to leave office next week after an eight-year reign, urged the incoming government to “sustain the improvement in Nigeria’s economy and business environment and stress on the framework of our government partnership to accelerate the growth of our economic development”.

“I am going to be leaving our economy in competent hands and I congratulate the Chairman and the Board of Directors and the management of Dangote Group for their notable contribution to the industrialisation of our economy and that of our continent,” Buhari added.

The 1,100 kilometers refinery, built to handle 3 Billion Standard Cubic Foot of gas per day is located on a 6,180-acre (2,500-hectare) location in the Lekki Free Zone of the state.

The chairman of the firm, Aliko Dangote stated at the opening stated that beyond the ceremony, the company’s first goal was to ramp up production of the various products to ensure that within this year, we are able to fully satisfy the nation’s demand for quality products.

“There will be constant availability of high-quality fuels for our transportation sector, the refinery will also make available to our industries vital raw materials for a wide range of manufacturing.”

Dangote added that the refinery’s “first products will be in the market before the end of July, beginning of August this year.”

None of Nigeria’s publicly-owned refineries has worked to capacity for years despite several investments to revive them. The failure of both the previous and current governments has contributed to the high level of national anticipation surrounding the Dangote refinery.

About 650,000 barrels of crude oil per day from the Niger Delta oil reserves would be transferred through a pipeline to the Dangote refinery site for operations.

The refinery is projected to meet 100% of the Nigerian oil demands and surplus for export.

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IMF mission concludes 4th loan program assessment in Egypt

Published

1 day ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

3 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.