Aliko Dangote’s New Refinery Is 8 Times The Size of Victoria Island

Aliko Dangote’s New Refinery Is 8 Times The Size of Victoria Island

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Business magnate, Aliko Dangote wants to make Nigeria a proud country again with a rather ambitious project; a mega refinery.

According to the netng, this place is actually eight times Victoria Island, the richest man in Africa stated while explaining the location’s concept.

Victoria Island, which is located between Lagos Island and the Lekki Peninsula, is one of the richest areas of Lagos.

Dangote was with Nigeria’s vice president Yemi Osinbajo, Lagos State governor Akinwunmi Ambode, and Forte Oil chairman, Femi Otedola at the inspection of the Dangote Lekki refinery.

The expansive refinery reportedly costs $9b and will be among the world’s largest when completed, with an estimated 650,000 barrels of crude oil being refined there per day.

With such level of production, the refinery would push Nigeria’s oil production back to being the highest in Africa and among the top seven in the world.

It is also expected to boost Nigeria’s power generation and provide employment opportunities.

The refinery is expected to start production by the first quarter of 2019; a time Nigeria expects to be self-adequate in the production of rice, sugar and some other products.