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Billionaire investor Femi Otedola has hailed the Dangote Petroleum Refinery achievement of full nameplate capacity as a defining moment for Nigeria and the wider African energy landscape.
In a post shared on his social media platform, Otedola congratulated his longtime associate Aliko Dangote after the refinery reached its designed output of 650,000 barrels per day. He described the milestone as transformational, not only for the oil industry but for the broader economy.
According to Otedola, the refinery ability to sustain full production represents a structural shift in Nigeria energy story after decades of dependence on imported refined products. He said the scale of domestic output would significantly alter fuel supply dynamics.
The Lagos based facility reached the benchmark following optimisation of its Crude Distillation Unit and Motor Spirit production block. Managing Director David Bird confirmed that key processing components are now operating steadily at maximum capacity.
These components include the naphtha hydrotreater, isomerisation unit and reformer unit, which together enable the refinery to produce up to seventy five million litres of Premium Motor Spirit daily. Industry analysts say this output level strengthens domestic supply and reduces the need for fuel imports.
Otedola focused on the economic implications of the milestone, arguing that higher domestic refining capacity should ease pressure on Nigeria foreign exchange reserves. Reduced import bills, he said, could help stabilise the currency and improve investor confidence.
He expressed optimism that with sustained domestic refining, pressure on the foreign exchange market would ease significantly. In his view, stronger local production creates room for currency appreciation and more predictable economic planning.
The refinery, valued at about twenty billion dollars, began operations in 2023 and has gradually increased throughput despite initial challenges including crude supply constraints. Its steady ramp up has been closely watched by policymakers and investors.
Otedola also highlighted Dangote broader expansion plans. He noted that the industrialist has committed an additional twelve billion dollars to expand capacity from 650,000 barrels per day to 1.4 million barrels per day.
If achieved, that level of output would position the complex among the largest refining operations globally. Beyond refining, the expansion includes plans to produce polypropylene and Linear Alkyl Benzene, key inputs for plastics and detergent manufacturing.
Otedola said the diversification into petrochemicals signals a deeper industrial strategy aimed at strengthening Nigeria manufacturing base and reducing reliance on imported raw materials.
In his message, Otedola praised Dangote persistence and described the refinery milestone as a source of national pride. He said the achievement demonstrates what is possible when long term capital and industrial vision align.
Market observers say public endorsements from influential business leaders such as Otedola reinforce confidence in the refinery long term impact on Nigeria energy independence and economic resilience.
