05 August 2018, Sweetcrude, Lagos — Mechanical work on the Dangote Refinery in the Lekki area of Lagos would be completed next year, in readiness for the takeoff of the plant in 2020.
Africa’s riches man and promoter of the refinery project, Aliko Dangote, revealed this as he revealed funding plan for the multi-billion dollar project.
Dangote, who said he has arranged more than $4.5 billion in debt financing for the 650,000 barrels per day plant, said products will start rolling out of plant in the first quarter of 2020.
“We will end up spending between $12 billion to $14 billion. The funding is going to come through equity, commercial bank loans, export credit agencies and developmental banks,” Dangote said in an interview in Lagos.
“Hopefully, we will finish mechanical (construction) by next year and products will start coming out in the first quarter of 2020.”
The refining plant being constructed by Dangote Oil Refinery Company is an integrated refinery and petrochemical complex in the Lekki Free Zone near Lagos.
When completed, the refinery will reduce Nigeria’s dependence on imported petroleum, because, despite being a crude oil exporter, Nigeria imports the bulk of its petroleum due to lack of domestic refining capacity.
The Dangote plant is expected to produce Euro-V quality gasoline and diesel, as well as jet fuel and polypropylene.
The project is expected to generate 9,500 direct and 25,000 indirect jobs.