Nigeria's Aliko Dangote, Africa's richest man, bets on vast 650,000 barrel-per-day oil refinery

Business: Africa’s richest man, Aliko Dangote bets on vast 650,000 barrel-per-day oil refinery

Last updated on September 11th, 2021 at 08:24 am

On a peninsula east of Lagos, 30,000 employees are employed on a task that holds out the promise of transforming Nigeria’s economic fortunes.

It’s right here that Aliko Dangote, Africa’s richest man, plans to spend greater than his internet really worth of $13.5 billion building one of the world’s largest oil refineries.

If he succeeds, he should cease the irony of Africa’s biggest oil producer importing $7 billion of fuel a year, and as an alternative see it meeting its personal needs and providing neighboring nations.

The crumple in the oil charge and Nigeria’s woeful tune report on industrial tasks are sizeable hazard factors.

Yet Dangote’s bet has the attainable to revolutionize Nigeria’s economy, with its operations adding $13 billion, or 2.3% to gross home product, in accordance to a 2018 estimate by means of Renaissance Capital.

Central Bank Governor Godwin Emefiele has said that the project could employ greater than 70,000 human beings when operational.