Dangote Refinery's Full Capacity to Strengthen Naira, Says Otedola

Nigerian billionaire investor Femi Otedola has forecasted that the Dangote Refinery, upon reaching full capacity, will drive the Naira to strengthen below N1,000 per dollar by the year-end. The refinery, a key turning point for Nigeria's foreign exchange outlook, is set to supply 75 million liters of premium motor spirit daily, reducing the country's reliance on fuel imports.

Aliko Dangote, Africa's richest man, is commended for this transformative milestone. The refinery is currently undergoing a $12 billion expansion project to increase its refining capacity to 1.4 million barrels per day.

This expansion includes the production of 2.4 million tons of polypropylene and 400,000 metric tons of linear alkyl benzene, crucial inputs for detergent manufacturing and plastic packaging. The project aims to boost local production, reduce import dependence, and alleviate pressure on the foreign exchange market.

The refinery, located in the Lekki Free Zone in Lagos, is expected to be the largest single-train refinery globally, meeting domestic fuel demands and potentially exporting surplus volumes.