Otedola reacts to Dangote refinery’s increase in capacity

Nigerian Billionaire businessman Femi Otedola, has reacted to the news of the Dangote Petroleum Refinery reaching its full production capacity of 650,000 barrels per day.

The announcement, made in a statement released on Wednesday, revealed that the development signals a critical phase in the ramp-up of Africa’s largest oil refining facility, with the refinery commencing a 72-hour intensive performance test run.

Femi Otedola on Thursday, reacted to the news, regarding it as a landmark achievement not only for Dangote but for Nigeria and the African continent.

He congratulated Aliko Dangote on the milestone, stating that pressure on the foreign exchange market should ease significantly.

“I congratulate my friend and brother, @AlikoDangote, on the remarkable achievement of the Dangote Petroleum Refinery reaching its full 650,000 barrels per day capacity. More importantly, it is transformational for Nigeria and Africa. Supplying up to 75 million litres of PMS daily changes our energy narrative and conserves foreign exchange. With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly,” Otedola said.

Otedola also expressed optimism in this new achievement affecting the Naira.

”I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach. Aliko is not stopping here. He has embarked on an additional $12 billion expansion to increase refining capacity to 1.4 million barrels per day, alongside 2.4 million tons of polypropylene and 400,000 metric tons of Linear Alkyl Benzene for detergent production. Work has already commenced in earnest. Congratulations once again, my brother. Nigeria is proud of you,” he concluded.