BY KENNETH EZE
With efforts in top gear for the completion of the multi-billion dollars 650,000bpd Dangote Refinery in Lagos, the project has been described as an inspiration to private sector operators in the country.
Wale Tinubu, Chief Executive Officer of Oando Plc, made the assertion when he was on a guided tour of the project alongside members of the company’s senior management.
He said, “with what I have seen, this Dangote Refinery is for Nigeria and Africa.”
He stated that the President of Dangote Group, Aliko Dangote deserved all the commendations in the world for the courage to build the world’s largest single train refinery in one of the most challenging business environments in the world even as the risk premium being at the highest.
Tinubu noted that he harboured no doubt that the refinery, upon completion, would meet the yearnings of Nigeria for product availability and ultimately de-risk the petroleum sector.
The Oando Plc, CEO, said he felt a sense of pride for being able to witness this feat in the history of Nigeria.
He noted, “It is more than just a refinery, it is a revolution. It is about what is possible in Africa by an African. We are talking about a world class project being done on a scale that the world is not used to.
“This is happening in an extremely challenging environment in which all of the infrastructure had to be built from the scratch with the attendant huge additional cost, the cost of capital being high, and the risk premium being highest and done with such spectacular precision. I think the world is not going to see many of these sort of projects. I call it the eighth wonder of my own time.
“It is inspirational and Alhaji Dangote deserves all the accolades. This project is of strategic importance to the nation and the continent. Nigeria has no functional refinery, and it has 200 million people that consume 40 million litres a day.
“There is nowhere in the world where you have a raw material for something and you do not beneficiate the product to a point where you can consume it in your country. We have been a complete and utter failure when it comes to that and it is taking a private individual to reverse that trend.
“It is an epoch for the country. I think what we should do is to encourage him to complete it. Success for him is a success for the country.”
In his remark, Aliko Dangote stated that the refinery is not only a project for Dangote, but also a project for Nigeria.
He said, “Nigeria should be a leader in building facilities like these, as a business initiative. This project will definitely put Nigeria on the map, and surely change the fortunes of Africa.”
He further disclosed that Dangote apart from building world class projects is also dedicated to building capacity by resuscitating failing industries such as it did in the cement industry, adding that this has set the precedence in Nigeria.
The Dangote Refinery upon completion, will refine 650,000 barrels of crude per day, making it the single largest train in the world. This in turn will enable the nation to generate and save foreign exchange, which has been blamed for the country’s current economic woes. The project will also provide 90 megawatts of electricity through its multi-million-dollar sub-sea pipeline project.
Recall that Dangote Oil refinery recently emerged at the 2021 edition of the Nigerian Oil and Gas Opportunity Fair, as most impactful local content company of the year for its strict adherence to the local content policy of the federal government.
The Executive Secretary, Nigerian Content Development and Monitoring Board, Engr. Simbi Wabote, said that “the 2021 NOGOF award is local content driven, looked at how projects to date by related organizations, and used the criteria per each award category to gauge contributions to the success of Local Content Development within the oil and gas sector being monitored by NCDMB as mandated by the Local Content Act of Nigeria, 2010.”
