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Months after launch, Nigeria’s Dangote Refinery gets yet another date to begin operations

Published

1 year ago

September 19, 2023

Four months after its launch in a widely attended ceremony, Nigeria’s Dangote Refinery, which is the world’s largest single-train refinery, is set to commence operations in November 2023. This is yet another date set for commencement of operations for the refinery with a capacity to produce 370,000 barrels per day.

The executive director of the company, Devakumar Edwin made the revelation in an interview on Tuesday wherein he provided a production schedule, clarified crude, product flows, and listed the challenges and delays to the project since it was first proposed in 2013.

He said, “Right now, we are ready to receive crude. We are just waiting for the first vessel. And so as soon as it comes in we can start.”

Although the Nigerian National Petroleum Company, a shareholder in the project, cannot supply the facility until November, Edwin reveals, Dangote is purchasing oil from trading companies, despite the fact that the refinery was built to process light, sweet Nigerian crude.

“At the last minute [NNPC] said, ‘We have actually committed our crude on a forward basis to someone else’, so immediately they don’t have the crude,” he said. This is a temporary issue, and the refinery should run on exclusively Nigerian crude by November, he said.

The world’s largest single-train refinery was originally a 300,000 b/d project, but delays allowed for “time to raise the capacity of the refinery and improve efficiencies in the design,” according to Edwin.

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.

The refinery is expected to generate 12,000 megawatts of electricity and over 135,000 permanent jobs. It will also save Nigeria $25b, and $30b forex annually, he stated. It will give the economy an inflow of $10b yearly, he added.

Related Topics:DANGOTE REFINERY Featured Nigeria

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

14 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”