Nigerian billionaire Aliko Dangote says he is on schedule for the completion by next year of his $15bn oil refinery, which will be one of the world’s biggest, despite analysts saying the timeline is ambitious. “There are quite a lot of challenges, but we’re moving,” Dangote told reporters at a conference in Paris about the plant, which is being built near Lagos, Nigeria’s commercial capital, and is designed to process 650,000 barrels of crude daily. “We’re still targeting next year for commissioning.” The 61-year-old said he will export about 35% of the refinery’s product, while the rest will serve the local market. His Dangote Industries said last year the plan is to produce about 50-million litres a day of petrol and 15-million litres of diesel, though output can be changed according to demand. The company has been in talks with oil traders including Royal Dutch Shell, Vitol Group and Trafigura Group about supplying crude and buying refined fuel. Analysts have questioned whether D...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now