After decades of failure by the government to build modern refineries as solution to the incessant fuel scarcity in the country, a new dawn is breaking with the Dangote Refinery in Lekki, a private sector investment by Alhaji Aliko Dangote, Nigeria’s foremost business tycoon, adjudged by Forbes as the richest man in Africa. Dangote represents a beacon of hope and inspiration in Nigeria.
His vision for business development in Africa and Nigeria in particular is incomparable and unprecedented. Nigeria is indeed blessed to have him as one of her eminent citizens. His impacts on the socio-economic development of the country resonate in different sectors of the economy.
Here are 10 facts about it:
1. Dangote is producing its own electricity to power the plant and by so doing is saving 75% costs. Dangote produces electricity at a rate that is significantly cheaper than the Federal Government. Dangote’s cost is $400,000/MW, while Federal Government is $2,000,000/MW



2. All the civil engineering is done by Nigerian companies.



3. The plant has an export value of $6 billion per annum, meaning Dangote’s effort will increase the amount of foreign exchange in Nigeria’s foreign reserves by at least 40% of current value on a yearly basis



4. Dangote said when this project comes on line, his friend Femi Otedola will save at least N26 per litre on millions of litres of diesel and petrol which his companies import annually. This savings will be passed on to the consumers and it will take a lot of pressure off the banks



5. Billions of Naira were paid to acquire the land and to settle the existing communities. More money was also allocated and spent to relocate the existing communities



6. This project will restore the dignity of Nigeria, a crude producing country that has for years gone abroad to meet its demand for refined products



7. Refined products to be produced at the plant include but is not limited to propane, petrol, Jet Fuel, Diesel, Kerosene, Carbon Black, Polypropylene, Polyethylene



8. The United States Trade and Development Agency is supporting this project with $997 million.



9. The project is slated to cost $14 billion (N2.8 trillion) of which Dangote is contributing $7 billion in equity.




10. The project site is larger than Victoria Island. It is located on 2135 hectares of land in Epe, Lagos near the Lekki Free Zone.