Africa’s wealthiest man, Aliko Dangote, reveals that his refinery has obtained a license to refine over 300,000 barrels of Nigerian crude per day, anticipating the commencement of gasoline production in the near future.

Speaking at the Saudi-Nigeria business roundtable in Riyadh, Dangote emphasizes the refinery’s commitment to starting operations with Nigerian crude.

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Despite missing previous production targets, Dangote asserts that the refinery will begin functioning ‘very very soon.’

The initial focus is on supplying gasoline to Nigeria before expanding exports to the West African region.

The 650,000 barrel-a-day facility is projected to produce 27 million litres of diesel, 11 million litres of kerosene, and nine million litres of jet fuel.

The refinery will source crude from other Nigerian producers and the state oil company.

Dangote, with an estimated fortune of $16.2 billion, remains optimistic about the refinery’s contribution to Nigeria’s oil sector, as the country recently reached its highest oil output in almost two years.

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Nigeria has introduced a new crude grade, Nembe, managed through a joint venture with the Nigerian National Petroleum Company (NNPC) and Aiteo Eastern E&P Co. Ltd.

The Nembe crude stream aims to boost oil production as the nation grapples with crude theft and pipeline attacks affecting revenue targets.”