According to the Vice President of the Federal Republic of Nigeria, Yemi Osinbajo during the launching of the Dangote Refinery and Petrochemical plant in Lekki on the 25th of June, 2016. He said: “Dangote Refinery is the largest undertaking in Nigeria, which is meant to refine 650,000 barrels of oil per day. By all projections, it is the largest in the world".
Check out some facts about the refinery that is expected to start producing in the first quarter of 2019:
1. Over $4 billion worth of equipment currently sits on the site.
2. The project is slated to cost $14 billion (N2.8 trillion) of which Dangote is contributing $7 billion in equity.
3. The project site is larger than Victoria Island. It is located on 2135 hectares of land in Epe, Lagos near the Lekki Free Zone
4. It is the largest industrial complex in Africa
5. Work goes on, on the site, 24 hours a day, 7 days a week
6. World Record 2.72 million accident-free hours recorded on site, without a single lost time to injuries
7. It is the largest single train grassroots refinery in the world with a processing capacity of 650,000 BPSD
8. Dangote Group brought in the world’s #1, #2, and #5 sand dredgers to fill the site. 60% of the land being swampy. So far these dredgers have reclaimed 13 million m³ out of 30 million m³
9. During construction, the project will employ over 25,000 Nigerians
10. When this project comes online, Nigeria will save a minimum of $10 billion a year on imports
11. The Ammonia component of the plant will produce 2.8 million tons of Urea
12. Dangote is producing its own electricity to power the plant and by so doing is saving 75%
costs. Dangote produces electricity at a rate that is significantly cheaper than the Federal Government. Dangote’s cost is $400,000/MW, while Federal Government is $2,000,000/MW
13. All the civil engineering is done by Nigerian companies
14. The plant has an export value of $6 billion per annum, meaning Dangote’s effort will increase the amount of foreign exchange in Nigeria’s foreign reserves by at least 40% of current value on a yearly basis
15. Dangote said when this project comes online, his friend Femi Otedola will save at least N26 per liter on millions of liters of diesel and petrol which his companies import annually. These savings will be passed on to the consumers and it will take a lot of pressure off the banks
16. Billions of Naira were paid to acquire the land and to settle the existing communities. More money was also allocated and spent to relocate the existing communities
17. This project will restore the dignity of Nigeria, a crude-producing country that has for years gone abroad to meet its demand for refined products
18. Refined products to be produced at the plant include but is not limited to propane, petrol, Jet Fuel, Diesel, Kerosene, Carbon Black, Polypropylene, Polyethylene
19. The United States Trade and Development Agency is supporting this project with $997 million.
Copied: from Nigerian Renaissance Youths
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