Devakumar Edwin, the Vice President of Oil and Gas at Dangote Industries Limited (DIL), has assured that the Dangote Refinery will begin producing Premium Motor Spirit (PMS) this month. Edwin made this announcement during a visit from officials of the international financial analytics corporation S&P Global, who were at the Dangote Refinery in Ibeju-Lekki, Lagos, for a sovereign credit ratings assessment of Nigeria.
Edwin reiterated the company’s commitment to start petrol production in July, as previously promised. He emphasized that the refinery will utilize Africa’s abundant crude oil resources to produce refined products locally. This initiative aims to spur industrial development, create jobs, and drive economic prosperity.
Edwin also highlighted that the products from the $20 billion facility are of high quality and meet international standards. The refinery is capable of meeting 100 percent of Nigeria’s demand for petrol, diesel, kerosene, and jet fuel, with excess production available for export.
S&P Global noted that the 650,000 barrels per day refinery could address Nigeria’s foreign exchange issues and alleviate pressure on the naira, thereby accelerating the country’s economic development.
Ravi Bhatia, Director and Lead Analyst of Sovereign and International Public Finance Ratings at S&P Global Ratings, led the delegation to Lagos. He remarked that the Dangote Refinery would transform Nigeria into a net exporter of petroleum products. “It is a very impressive facility, able to process 650,000 barrels a day at full capacity. It is the largest single-train refinery complex in the world. It came out quite quickly,” Bhatia said after touring the refinery for more than four hours. The delegation from S&P Global was accompanied by officials from the Federal Ministry of Finance.