Table of Contents
Key Points
- Dangote Oil Refinery shipped two cargoes of jet fuel to Saudi Aramco, marking a major milestone for the multibillion-dollar facility.
- The refinery is ramping up production to 550,000 bpd, while Dangote plans to expand crude storage capacity by 41.67% to secure supply.
- Despite challenges, the refinery supplies fuel across Africa and aims to strengthen its global energy market presence with future expansion plans.
Dangote Oil Refinery has shipped two cargoes of aviation fuel to Saudi Arabia, marking a major breakthrough for the multibillion-dollar facility owned by Aliko Dangote, Africa’s richest man.
Dangote, the chairman of Dangote Group, shared the news during a visit by the Nigerian Economic Summit Group to the refinery and Dangote Fertilizer Limited in the Lekki Free Zone near Lagos. He said the refinery, which began operations in early 2024, is steadily ramping up production, now reaching 550,000 barrels per day (bpd).
“We are reaching the ambitious goals we set for ourselves, and I’m pleased to announce that we’ve just sold two cargoes of jet fuel to Saudi Aramco,” Dangote said. The Saudi oil giant, the world’s largest oil producer, has a market value exceeding $1.7 trillion.
Private sector and Nigeria’s $1 trillion economy ambition
Dangote also spoke about the role of the private sector in Nigeria’s economic future, stressing that industrial growth is key to job creation. He warned against over-reliance on imports, noting that leading economies like the U.S. and China actively protect their local industries.
Citing Benin Republic as an example, he pointed out how the country restricts cement imports to support domestic manufacturers. “The President is a personal friend, and my Ibese plant is just 28 kilometers from Benin, yet they won’t allow our cement in. They’re protecting their industries,” he said.
He also highlighted the tough business environment in Nigeria, where companies often have to build their own infrastructure. “Investors shouldn’t have to handle power, roads, and ports—these are government responsibilities,” he said.
Expanding storage to secure crude supply
Despite being Africa’s largest refinery and the world’s biggest single-train facility, the plant has struggled with crude oil supply shortages from the Nigerian National Petroleum Company (NNPC).
To tackle this, Dangote Industries is constructing eight new crude storage tanks, boosting total capacity by 41.67 percent to 3.4 billion liters. Four of the tanks are nearly complete, which will help stabilize crude supply.
Even with these challenges, the refinery has been supplying diesel and aviation fuel both locally and internationally, with shipments already sent to Cameroon, Angola, Ghana, and South Africa. Dangote also revealed plans to build a refinery in Angola and expand cement production in the country.
As the refinery strengthens its position in the global energy market, its latest export to Saudi Aramco highlights its growing reach beyond Africa. With a design capacity of 650,000 bpd, the refinery is expected to create a market for $21 billion worth of Nigerian crude annually.
