President Muhammadu Buhari has arrived in Lagos to inaugurate the Dangote refinery located in Ibeju-Lekki, Lagos.
News About Nigeria reports that the president was warmly welcomed by Lagos State Governor, Babajide Sanwo-Olu, along with state commissioners and military chiefs.
Gbenga Omotosho, the Lagos State commissioner of information and strategy, shared a video on Twitter showcasing the president disembarking from the airplane.
The Dangote refinery is an impressive facility with a capacity to process 650,000 barrels per day (bpd), making it the largest single refinery globally.
According to the Nigerian Economic Summit Group (NESG), this refinery is projected to contribute approximately $21 billion (equivalent to N9.7 trillion at the current exchange rate) to the Nigerian economy annually.
During his visit to Lagos, President Buhari is scheduled to engage in various activities, one of which is conducting a fleet review of naval ships and other defense equipment alongside the Navy.
The Nigerian Navy will proudly exhibit 16 warships, including three from Spain, Brazil, and Ghana, as well as six helicopters and fighter jets.
The Dangote refinery is expected to make a significant contribution to Nigeria’s economy.
With an annual estimated revenue of $21 billion, it will create substantial job opportunities and generate revenue for the government through taxes and other forms of income.
This influx of capital can be utilized for infrastructure development, social welfare programs, and other critical sectors, ultimately uplifting the overall economic landscape.
Nigeria, despite being a major oil producer, has long been dependent on importing refined petroleum products to meet its domestic demand.
This reliance on imports has strained the country’s foreign exchange reserves and hindered its energy security.
The Dangote refinery aims to address this issue by domestically refining crude oil into various petroleum products such as gasoline, diesel, jet fuel, and petrochemicals.
This will significantly reduce Nigeria’s dependence on imported fuels, ensuring greater energy self-sufficiency.