Dangote Refinery Aims for 500,000 Barrels Daily by July, Eyes Stock Market Debut
The Dangote Oil Refinery, a $20 billion mega project, is set to hit a production capacity of 500,000 barrels per day by July 2024, with plans to expand to 650,000 barrels by year’s end.
Chairman Aliko Dangote has also announced intentions to list the refinery on the Nigerian Stock Exchange by December 2024, inviting Nigerian, African, and global investors to partake in this historic venture.
“We want Nigerians, Africans, and other investors to join in making this monumental endeavor a reality,” Dangote stated.
To ensure steady raw material supply, the refinery is diversifying its crude sources, including a tender to purchase WTI oil from the US.
This strategic move is designed to stabilize production despite fluctuations in Nigerian crude output. “By the end of the year, we aim to refine at full capacity, making significant strides in the oil industry,” Dangote added.
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