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Finally, Nigeria’s $20bn Dangote Refinery begins production

Published

11 months ago

January 13, 2024

Nigeria’s long-awaited $20 billion Dangote Refinery has finally started production of diesel and aviation fuel, with an immediate target to meet the domestic demand in Nigeria.

This comes after the successful delivery of approximately six million barrels of crude oil to the 650,000 barrels per day plant over the past few weeks. The first crude delivery was completed on December 12, 2023, and the sixth cargo was delivered on January 8, 2024.

Nigeria is the largest oil producer in Africa, yet it frequently faces fuel shortages. It imports roughly 33 million litres of petroleum products per day, and spent $23.3 billion last year.

Alhaji Aliko Dangote, the President of the Dangote Group, in a statement on Friday, appreciated the efforts of the Nigerian government, stressing that “the production would not have been possible without his visionary leadership and prompt attention to detail. His intervention at various stages cleared all impediments, thereby accelerating the actualization of the project.”

“We thank President Bola Tinubu for his support and for making our dream come true. This production, as witnessed today.

“We also thank the NNPC, NUPRC, and NMDPRA for their support. These organisations have been our dependable partners in this historic journey. We also thank Nigerians for their belief and support in this project. We have started the production of diesel and aviation fuel, and the products will be in the market within this month once we receive regulatory approvals.

“This is a big day for Nigeria. We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. This is a game changer for our country, and I am very fulfilled with the actualisation of this project”, it said.

None of Nigeria’s publicly owned refineries has worked to capacity for years, despite several investments to revive them. The failure of government to revive them has contributed to the high level of national anticipation surrounding the Dangote refinery.

Related Topics:DANGOTE REFINERY Featured Nigeria

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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.”