Aliko Dangote, the wealthiest man on the continent of Africa, is hitting the jackpot with a brand new oil refinery in Nigeria. His internet value, a whopping $19.6 billion, is about to climb even greater, due to this venture. Dangote, the founding father of Dangote Group, formally kicked off the enterprise in mid-January.
The refinery, after going through some delays, lastly began manufacturing earlier this month. Nigeria, regardless of its heavy reliance on oil, has been importing most of its gasoline as a consequence of a scarcity of refineries. Dangote’s refinery plans to vary that narrative, eyeing a manufacturing capability of as much as 650,000 barrels a day sooner or later.
Whereas this seems like a game-changer, Rafiq Raji from the Heart for Strategic and Worldwide Research’ Africa Program stays skeptical. He instructed Business Insider that anticipating the refinery to hit 100,000 barrels a day initially can be a stretch. Full capability may not be on the horizon till 2027, with Raji noting suboptimal yields on the present stage of completion. In accordance with him, “they’d make more cash by merely promoting the crude.”
You should definitely comply with Aliko Dangote on Instagram @Aliko_DangoteGCON
