KEY POINTS
- Net worth rises by 100%, as Aliko Dangote worth $28 billion.
- The Dangote Refinery is the world’s largest single-train refinery and is based in Lagos.
- Nigeria’s fuel production is expected to be transformed by the refinery and self suitability enhanced.
With the beginning of Dangote Refinery operations, Aliko Dangote’s net worth has more than doubled to about $28 billion, the Bloomberg Billionaires Index shows.
The world’s largest single train refinery and one of the most advanced in its class, the refinery is sited within the Lekki Free Trade Zone in Ibeju-Lekki, Lagos.
Moreover the game changer for Nigeria’s economy is the operational capacity of the Dangote Refinery to process different types of crude oil. “As a result, Dangote’s fortune has jumped by 100 percent to 27.8 billion dollars,” Bloomberg added, quoting a “refinery which has the potential to transform the Nigerian economy, making it self sufficient in fuel production.”
Economic impact and production of fuel based on self sufficiency
Dangote Refinery is expected to significantly reduce the volume of Nigeria’s importation of fuel and radically reduce Nigeria’s fuel import dependency to zero levels, by meeting Nigeria’s internal demand for refined petroleum products.
The move to self sufficiency is not expected to be without economic benefits to Nigeria and indeed to the entire African continent.
The refinery’s use of cutting edge technology enables the facility to produce a wide variety of global crude oil allowing the refinery to produce versatile and valuable output.
According to Vanguard, Dangote’s successful launch of refinery operations has made him significantly wealthier, and the refinery could change the oil and gas sector and the fortunes of Nigeria’s richest man.
