Dangote refinery to boost forex earnings

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has expressed optimism that the 650,000 barrels per day capacity refinery being built by Dangote Industries Limited will significantly help strengthen the Nigerian naira once it is fully operational.

The NMDPRA said this when representatives of the Dangote Petroleum Refinery paid a visit in Abuja, to present the work plan for the facility for 2022/2023.

A statement said the regulatory agency for the sector, disclosed that the Dangote Petroleum Refinery was now 97 per cent completed.

The refinery, with 650,000 barrels per-day installed capacity was expected to double the total output of Nigeria’s existing ailing refining infrastructure and meet 100 per cent of the Nigerian requirement of all refined products will pump out fuel any moment soon, the Agency declared.