Dangote's refinery is important to Nigeria increasing its oil capacity - NNPC boss

Dangote's refinery is important to Nigeria increasing its oil capacity - NNPC boss

- Aliko Dangote's Lagos refinery is important to Nigeria oil capacity, the MD of NNPC, Maikanti Baru, has said

- The NNPC chief said when the refinery is completed, it has an estimated capacity of 650,000 barrels per day (bpd)

- Presently, the country's owned refineries could hardly generate 445,000 bpd due to mismanagement and neglect

On Thursday, April 25, the managing director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, said that Aliko Dangote’s Lagos refinery is central to oil generation capacity of the country.

According to Council on Foreign Relations, the NNPC chief said that when the refinery is completed, its production capacity is estimated at 650,000 barrels per day (bpd), which would more than double the present capacity.

For years, Nigeria, which is regarded as the largest oil producer on the continent, has been importing its refined products because it lacks refineries.

READ ALSO: UTME results: JAMB speaks on alleged server crash

As a consequence, these imports have been having a negative effect on the country’s economy, especially the nation’s foreign reserves.

Presently, there are four state-owned refineries but they can barely meet their expected 445,000 bpd capacity due to lack of good management, neglect and constant attack on oil pipelines by militants.

There is a strong belief that Dangote’s investment in Lagos would go a long way in improving the country oil outputs going by his track record and net worth.

President Muhammadu Buhari also recently revived the goal of increasing the country’s oil production capacity to 4 million barrels a day.

The 4 million goal was launched during the Olusegun Obasanjo administration (1999-2007) but was stalled because of security issues and the uncertainties in the international market.

However, with the involvement of Dangote, achieving 1.5 million barrels a day is almost impossible.

PAY ATTENTION: Download our mobile app to enjoy the latest news update

Meanwhile, Legit.ng earlier reported that the NNPC, on Thursday, April 11, denied the reported impending scarcity of petrol in the country and asked Nigerians to ignore the claim.

The NNPC, in a statement by its group general manager in charge of public affairs, Ndu Ughamadu, said it currently has at least 1 billion litres in stock adding that the report was sponsored by mischief makers with the plan to create undue panic in the country.

NAIJ.com (naija.ng) -> Legit.ng. We have upgraded to serve you better

Price of petrol crashes in Nigeria | Legit TV

Source: Legit.ng

Tags:
Mailfire view pixel