It appears things are officially in motion for Aliko Dangote’s new business project.
Located in Lekki, Nigeria, near Lagos, the $19 billion refinery reportedly started production of diesel and aviation fuel in January 2024.
According to AP News, Dangote Petroleum Refinery can produce up to 650,000 barrels per day. The mission is to greatly boost Nigeria’s oil and natural gas sector by increasing its refining capacity and reduce the need for imports.
The refinery comes after Dangote opened Africa’s largest fertilizer plant in 2022, as previously shared by AFROTECH.
“We are lucky to have this plant,” Dangote told CNN at the time. “It is coming at the right time with the Ukraine-Russia conflict as both Ukraine and Russia control substantial amounts of agricultural inputs.”
Widely known as the “world’s richest Black man” and the richest person in Africa, Dangote’s net worth is $17.8 billion (as of this writing), per Forbes. A main source of his wealth stems from founding Dangote Cement — the largest cement producer in Africa — which he holds an 85% stake in, as previously reported by AFROTECH.
What’s more, Dangote Group is not only the largest industrial group in Nigeria, but also in West Africa. The multinational conglomerate is one of the largest sugar suppliers in Nigeria as it provides sugar to 70% of the market such as national soft drink companies, confectioners, and breweries.
While Dangote Group exports cotton, nuts, ginger, cocoa, and sesame seeds, it also imports rice, fish, cement, pasta, and fertilizer.
Outside of Dangote Group, it’s reported that Dangote is interested in stepping into sports business. According to Business Insider, he wants to purchase English Premier League soccer club Arsenal. However, his priority is his oil refinery.