The federal and indeed global stakeholders have their gaze focused on Nigeria in 2022, especially because of the reassurance by the World richest black man, Aliko Dangote, that the Dangote Refinery in Ibeju-Lekki, Lagos, reputed as the second largest refinery project in the world is billed to come on stream.
The development, an integrated refinery and petrochemical complex, will have an annual refining capacity of 10.4 million tonnes (Mt) of gasoline, in addition to 4.6Mt of diesel and 4Mt of jet fuel.
It will also produce 0.69Mt of polypropylene, 0.24Mt of propane, 32,000t of sulphur and 0.5Mt of carbon black feed.
The complex also includes a fertiliser plant, which uses by-products from the refinery as raw materials. These are huge outputs that will also benefit the local market. The project is estimated to generate 4000 direct and 150,000 indirect jobs.
Analysts believe that both in terms of its estimated production output and other value chains, it will not only save the country billions of foreign exchange spent on importation of fuel and other derivatives including fertilizer but also likely provide the pull factor for other industries.
According to the National Bureau of Statistics (NBS), Nigeria imported Premium Motor Spirit (PMS) otherwise known as petrol, worth N2.52trn between January and September 2021. This represents an increase of 55.6 percent from the N1.62trn spent within the same period in 2020. Also situated in the same corridor is the $1.5bn Lekki Deep Seaport aimed at changing the face of maritime in the country.
The Deep Seaport is expected to become the largest deep seaport in Sub Saharan Africa as the promoters are targeting 1.5 million 20ft equivalents units container capacity yearly, which is planned to grow to about 2.7 million and 4.7 million TEUs when operations commence.