Nigeria commissioned Dangote Refinery on Monday amid hopes of transforming the country into a net exporter of petroleum products, but analysts said securing crude supplies could affect it achieving full production this year.
The government of outgoing President Muhammadu Buhari sees the refinery as the answer to Nigeria's repeated fuel shortages, theNigeria spent $23.3 billion last year on petroleum product imports and consumes around 33 million litres of petrol a day. Dangote's 650,000 barrels per day refinery plans to produce 53 million litres a day.
The plant plans to export the surplus petrol, turning Africa's biggest oil producer into an export hub for petroleum products. It also plans to export diesel, according to Aliko Dangote, Africa's richest man, who funded the refinery's construction. The massive petrochemical complex is one of Nigeria's single largest investments. The refinery cost $19 billion to build after years of delay - above initial estimates of between $12 billion and $14 billion - and has outstanding debt of around $2.75 billion, according to Nigeria's central bank governor.
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