Dangote Oil Refinery on schedule – projected to create 300,000 jobs

Dangote refinery on track for completion late 2017, early 2018

The construction of a 650,000 barrels per day oil refinery by the Dangote Group is on track and scheduled for completion by late 2017 to early 2018. The complex which will include a petrochemicals and fertilizer plant is projected to create over 300,000 direct and indirect jobs by the first quarter of 2019, according to the Chief Operating Officer, Olakunle Alake.

Alake made the disclosure in an interview with reporters in Lagos, Nigeria, earlier this week, adding that the complex would be the single largest stream in the world.

Savings and earnings

Alake said that the refinery would force down the prices of gasoline and other refined petroleum products in the country, and save US$7.5 billion currently spent on importation.

Alake said that construction of the complex has progressed by 30 percent.
“By the time we finish our gas pipeline it will be able to generate about 12,000 Mega watts which can be exported to other African countries.”
“We will have the capacity to store 4 billion liters of products and load 2,680 trucks per day. The project will aid the country with about US$7.5 billion savings on importation.

“It will also generate US$5 billion dollars forex earnings from savings and another US$5.5 billion export earnings,” he said.

The ambitious project is expected to be a boost to Nigeria’s economy – currently in recession.
“When completed it will give Nigeria a new economic direction in its quest for economic diversification”, added Alake.